Prestige Estates Projects files DRHP for an IPO

Plans to raise Rs 1200 crore through a 100% book-building issue
Prestige Estates Projects has filed a draft red herring prospectus (DRHP) with market regulator, the Securities and Exchange Board of India (Sebi). The company plans a public issue of its equity shares having face value of Rs 10 each aggregating Rs 1200 crore through a 100% book-building process. The company is also mulling a pre-IPO placement offer of Rs 200 crore.
The proceeds of the issue would be used to finance the ongoing projects and projects and projects under development. The proceeds will be also deployed in investing in its existing subsidiaries which undertake the projects. Further, the issue proceeds would also be used for acquisition of land and repayment of certain loans of the company.
Prestige Estates Projects is one of the leading real estate development companies in south India. It currently owns or holds development rights for 52.57 million square feet (sq. ft.) of developable area, which includes 24.49 million sq. ft. of saleable area and 9.64 million sq. ft. of leasable area.