Puranik Builders Limited gets SEBI Nod for its IPO

Puranik Builders Limited, prominent residential real estate developers in Mumbai Metropolitan Region (MMR) and Pune Metropolitan Region (PMR) gets SEBI clearance for its IPO.

Puraniks which has a longstanding presence of over 28 years in the real estate market in India, developing residential projects in the mid-income affordable housing segment in the MMR and the PMR real estate markets filed IPO papers with SEBI in June, 2018.

The IPO consists of a Fresh Issue of up to Rs 810 crore and an Offer for Sale of up to 1,859,620 Equity Shares by Promoters of the company up to 238,796 equity shares by Shailesh Puranik, up to 100,768 equity shares by Shrikant Puranik, up to 100,751 equity shares by Yogesh Puranik, up to 235,015 equity shares by Nilesh Puranik, up to 591,410 equity shares by Ravindra Puranik and up to 592,880 equity shares by Gopal Puranik

The company plans to utilize the proceeds of IPO for:

• Prepayment or repayment of all or a portion of certain outstanding borrowings availed by the Company on a consolidated basis
• General corporate purposes

Puranik Builders Limited is one of the leading 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.

Also, the company is a leading residential real estate developers in the growing Thane region of MMR based on the projects currently being marketed and corresponding units sold.

Some of company’s key theme-based projects include “Rumah Bali”, “Puraniks City Reserva” and “Tokyo Bay” in the MMR, and “Aldea Espanola” and “Abitante” in the PMR.

As of March 31, 2018, the company has developed 421,422 square meters (4,536,184 square feet) of Developable Area across 29 Completed Projects.

On the financial front, the company has registered revenue from operation of Rs. 505.86 crore with a PAT of Rs. 50.72 crore as of March, 2018.

Edelweiss Financial Services Limited and IIFL Holdings Limited are the Book Running Lead Managers (BRLMs) to the Issue.