A Mumbai-based residential real estate developer, Puranik Builders has submitted draft papers with the Securities and Exchange Board India to raise the fund of INR 1,000 Cr. through IPO.

This Initial Public Offer comprises a fresh issue of shares worth INR 810 Cr. and an offer for sale around 18,59,620 equity shares by the existing shareholders and the company’s promoters, according to the DRHP papers with the market regulator – the Securities and Exchange Board of India (Sebi).

The fund of this issue will be utilized towards the repayment of loan & general corporate purposes. IIFL Holdings and Edelweiss Financial Services will manage the public issue of this company.

About Puranik Builders:

Puranik Builders provides comprehensive commercial and residential solutions across several real estate types including lavish villas, apartments, commercial and residential projects for more than 40 years.