Shriram Properties has submitted IPO papers with the market regulator SEBI to launch an initial public offer (IPO) to raise the fund around INR 1,250 crore. This IPO comprises a fresh issue around INR 250 crore and an offer for sale around 42,403,271 shares by the existing shareholders – TPG Asia, Tata Capital Financial Service, as per the draft papers submitted to SEBI showed.

The proceeds will be utilized for the repayment of borrowings taken by the firm or its subsidiaries and other general corporate purposes. Edelweiss Financial Services, Axis Capital and Nomura Financial Advisory & Securities will be the lead managers to this company’s public issue. The shares will be listed on the NSE and BSE.

Shriram Properties is a part of Shriram Group and a leading residential real estate development company in South India and strongly focused on affordable housing categories and mid-market.