K Raheja Corp Considers $700 Million IPO in India
Mumbai-based real estate major K Raheja Corp is exploring a potential IPO of up to $700 million, as strong market sentiment fuels a new wave of large public offerings.
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IPO could value K Raheja Corp at around $7 billion
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Deal may be launched later this year, subject to market conditions
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Would rank among India’s largest real estate IPOs
Mumbai: K Raheja Corp Pvt., one of India’s largest and most diversified real estate developers, is considering an initial public offering that could raise as much as $700 million, according to people familiar with the matter. If executed, the listing could emerge as one of the country’s biggest IPOs in the property sector.
Sources said the Mumbai-based group has held initial discussions with investment bankers regarding a possible share sale. The company is reportedly seeking a valuation of around $7 billion, with a potential launch later this year. However, deliberations remain at an early stage, and key elements such as deal size, structure, and timing could still change. The company has not yet formally appointed advisers and did not respond to requests for comment.
India’s real estate sector has seen few mega public listings, with the largest still being the 2007 IPO of DLF Ltd, which raised about ₹91.88 billion (around $1 billion). Another major player, RMZ Corp, is also preparing a public offering that could raise close to $1 billion, highlighting renewed investor interest in the sector.
The broader Indian IPO market remains buoyant. Share sales touched record levels last year, and the pipeline continues to look strong, with several large offerings expected in the coming months, including a much-anticipated listing by Jio Platforms Ltd, which could become India’s biggest-ever IPO.
K Raheja Corp has a diversified business portfolio spanning commercial and residential real estate, retail, hospitality, and infrastructure-related services. Its commercial office assets have already been spun off into Mindspace Business Parks REIT, which is listed on Indian stock exchanges.
The group also operates premium hotels through Chalet Hotels Ltd, owns Inorbit shopping malls across four major cities, and has residential projects in five cities. In retail, it controls Shoppers Stop, a leading department store chain with over 100 outlets in 45 cities.
Market analysts say a successful IPO by K Raheja Corp would not only unlock value across its diverse businesses but could also act as a confidence booster for India’s real estate capital markets, potentially paving the way for more large-scale listings from the sector.
