Puranik Builders Get SEBI’s Nod to Float IPO

Real Estate developer Puranik Builders has received SEBI’s nod to raise funds through its initial public offering (IPO). Puranik Builders is prominent residential real estate developers in Mumbai Metropolitan Region (“MMR”) and Pune Metropolitan Region (“PMR”) based on number of units currently being marketed in these regions. It is also among the leading residential real estate developers in the growing Thane region of MMR based on the projects currently being marketed and corresponding units sold (Source: C&W Report). Proceeds of the issue will be used to prepay or repay outstanding borrowing aggregating to Rs 362 crore besides general corporate purposes.  As of July 31, 2021, It had 35 completed projects, 23 Ongoing Projects and 17 Forthcoming Projects. It also has developed 554,197 square meters (5,965,381 square feet) of Developable Area through its deep understanding of the real estate market, design and execution capabilities, brand and extensive marketing initiatives which enabled it grow their business. On the financial front, the company has registered revenue from operation of Rs. 502.27 crore with a net profit of Rs 36.30 crore as of March, 2021. Elara Capital (India) Private Limited and Yes Securities Ltd are the Book Running Lead Managers (BRLMs) to the Issue.