India: Shriram Properties files draft papers to raise $107m via IPO

Shriram Properties Ltd has filed a draft red herring prospectus with the Securities Exchange Board of India to raise nearly 800 crore via an initial public offering (IPO).

The IPO comprises a fresh issue of 250 crore and an offer for sale (OFS) of up to 550 crore by current shareholders and promoters.

The offer for sale consists sale of 147.10 by Omega TC Sabre Holdings Pte Ltd, 13 crore by Tata Capital Financial Services Ltd, 148.90 crore by TPG Asia SFV Pte. Ltd and 216 crore by WSI/WSQI V (XXXII) Mauritius Investors.

The proceeds from the fresh issue of 200 crore will be used for repayment or pre-payment, in full or part, of certain borrowings availed by the company and its subsidiaries, Shriprop Structures, Global Entropolis and Bengal Shriram.

As of December 2020, the amount outstanding under its fund-based loan facilities was at Rs693.17 crore.

As of March 2020, Omega TC Sabre Holdings Pte Ltd holds a 16.33% stake in the company, TPG Asia SFV Pte Ltd holds a 16.56% stake, and WSI/WSQI V (XXXII) Mauritius Investors hold a 23.97% stake.

Axis Securities Ltd, ICICI Securities Ltd and Nomura Financial Advisory and Securities Ltd are the book running lead managers to the issue.

For the fiscal year 2020, the company posted revenue of 571.96 crore versus 650.13 crore a year ago. Net loss for the year stood at 65.02 crore against 86.39 crore last year.

As of December 2020, the company have 29 completed projects, representing 16.76 million sq. ft of saleable area, out of which our 24 completed projects in the cities of Bengaluru and Chennai accounted for 90.55% of our saleable area

Shriram Properties Ltd focuses on affordable and mid-income housing projects, mainly in southern India. It saw sales recover to pre-covid levels in the December quarter.

This article was first published on livemint.com.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.