India’s Shriram Properties raises $35.5m from anchor investors
By Vinu Lal
14:31, 8 December 2021
Indian real estate developer Shriram Properties has raised INR2.68bn ($35.5m) from 34 anchor investors ahead of its initial stake sale to the public, according to a regulatory update by the firm.
The company issued 22.77 million shares at INR118 a share.
Marquee investors
Marquee investors including Nomura Asset, SBI Life and Nippon participated in the anchor round.
Out of the total allocation, 37.22%, or 8.5m shares, were allocated to four domestic mutual funds.
The IPO opened for subscription today. The company intends to raise up to INR6bn ($79.6m).
The IPO comprises a fresh issue of shares of up to INR2.5bn and an offer for sale (OFS) totalling up to INR3.5bn.
Proceeds plan
The firm, a part of business conglomerate Shriram Group, intends to use INR2bn of the proceeds to repay debt of the company and its subsidiaries. A yet-to-be decided amount will be used for general business purposes.
Following the IPO, the firm intends to list its shares both on the BSE and the National Stock Exchange of India.
Axis Capital, ICICI Securities and Nomura Financial Advisory and Securities (India) Private are the managers to the issue.
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