Square Yards, India's largest integrated platform for real estate and mortgages and one of the fastest-growing proptech startups, is planning to go public soon. The company, which also operates in UAE, the Middle East, Australia and Canada, is working on its IPO and is expected to raise Rs 1,000 crore, reported the Mint. With its initial offering, the company will become the first startup from the real estate segment to go public.

Share Market Live

NSE

“The company has appointed Axis Capital as the lead banker for its IPO. More banks will be hired later on. The exact figures of the share sale have not been decided yet, as the transaction is not likely to take place immediately. However, it is likely to be at least Rs 1,000 crore and it will be a mix of primary and secondary share sales," a person with knowledge of the matter told Mint.

Also read: IPO craze to continue in March quarter; 23 cos line up public issues worth Rs 44,000 cr

Earlier reports had suggested that the company would be going public while trying to raise Rs 1,500 crore and was expected to file its draft red herring prospectus (DHRP) with the Securities Exchange Board of India (SEBI) within the first couple of months of 2022. The company will be using the proceeds of the IPO for future business growth.

Square Yards, founded in 2014, has already raised $125 million, $60 million as equity and $65 million as debt capital. Of this, the company raised $25 million from Hong Kong-based ADM Capital in July 2021.

Despite the economic effects of the pandemic, Square Yards reported a revenue of Rs 250 crore in FY2020-21, selling properties worth Rs 6,100 crore for builders and aiding in the procurement of home loans worth Rs 1,900 crore. In the June quarter of FY2021-22, the company had stated that its revenue increased by 50 percent year-on-year to Rs 100.8 crore.

Also read: 2021: A look back at the IPO market; winners and losers

(Edited by : Shoma Bhattacharjee)

First Published:Jan 3, 2022 5:21 PM IST