Mumbai-based Neelkanth Realtors files IPO to raise Funds for ongoing projects

Mumbai-based Neelkanth Realtors intends to raise money via a new initial public offering (IPO). The development of the project and debt repayment will be funded by the proceeds.

15% of the IPO is reserved for non-institutional investors, 35% is for retail investors, and 50% is for qualified investors. The BSE and NSE will list the shares.

Leading Mumbai real estate developer Neelkanth Realtors has submitted the necessary paperwork to the Securities and Exchange Board of India (SEBI) in order to initiate a new initial public offering (IPO).

The company's Draft Red Herring Prospectus (DRHP) states that it intends to issue up to Rs. 1.35 crore equity shares at a face value of Rs. 10.

The money raised by this initial public offering (IPO) will be used for existing debt repayment, corporate needs, and the development of new and ongoing projects like Thane's Neelkanth Plaza.

The draft papers state that qualified institutional buyers will receive 50% of the IPO offerings, non-institutional investors will receive 15%, and retail investors will receive the remaining 35%.

With a history in real estate dating back to the 1980s, Neelkanth Realtors, a division of the Bhimjyani family business, faces off against industry titans like Godrej Properties and L&T Realty.

Link Intime India is the registrar for the IPO, and Swastika Investmart Ltd is acting as the only book runner. Shares are anticipated to list on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) after the public offering.