Eldeco Infrastructure files DRHP for IPO to raise ₹1,000 crore

Haryana-based Eldeco Infrastructure and Properties has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise up to ₹1,000 crore via an initial public offering (IPO) route.

The issue comprises a mix of fresh shares worth ₹800 crore and an offer-for-sale of up to ₹200 crore by promoter selling shareholders. The face value of each equity share will be ₹5.

Under the OFS, promoters Pankaj Bajaj and Bandana Kohli will be offloading shares worth up to ₹102 crore and ₹98 crore, respectively.

As per the DRHP filed with the Sebi, the company, in consultation with the book-running lead managers, may consider a pre-IPO placement of up to ₹160 crore. If such placement is completed, the size of the fresh issue will be reduced.

The realty company intends to use proceeds from the fresh issue worth ₹600 crore will be used for repayment or prepayment of certain outstanding borrowings availed by Eldeco Infracon Realtors Ltd., a material subsidiary of the company. The remaining funds will be utilised for general corporate purposes.

The company has reserved up to 75% of the issue for qualified institutional buyers (QIB), 15% to non-institutional bidders, and not more than 10% to retail individual bidders. A portion is also reserved for eligible employees.

Eldeco is an established real estate developer in North India, with a strong presence in Delhi-NCR as well as tier II and tier III cities. Since 2000, the company has completed and undertaken ongoing projects across more than 20 cities in India, as per C&W report mentioned in the DRHP. With a legacy of 25 years, Eldeco has delivered 86 projects as of March 31, 2025, comprising residential townships, low-rise apartments, and group housing developments, amounting to over 50 million sq. ft.

As of March 31, 2025, Eldeco has 19 ongoing projects with a total saleable area of 7.24 million sq. ft. and 18 forthcoming projects covering 7.37 million sq. ft., spread across 14 cities.

Eldeco’s presence spans multiple locations in North India, including Delhi, Noida, Greater Noida, and Bareilly in Uttar Pradesh; Sohna, Gurugram, Panipat, Sonipat, and Panchkula in Haryana; Jalandhar and Ludhiana in Punjab; Sirmaur in Himachal Pradesh; Neemrana in Rajasthan; and Rudrapur and Narendra Nagar in Uttarakhand.

In fiscal 2025, the company’s revenue from operations surged nearly threefold to ₹694.98 crore, compared to ₹240.73 crore in fiscal 2024.

IIFL Capital Services and JM Financial are the book-running lead managers, and KFin Technologies Limited is the registrar to the issue. The shares are proposed to be listed on the BSE and NSE.