K Raheja Corp Considers $700 Million IPO at $7 Billion Valuation
K Raheja Corp Pvt. is considering an IPO that could raise up to $700 million at a $7 billion valuation, with potential listing later this year. The Mumbai-based real estate developer has held preliminary banker discussions but hasn't appointed formal advisers. The company operates a diversified portfolio including commercial properties, malls, hotels, and the Shoppers Stop retail chain, with several already-listed entities like Mindspace Business Parks REIT and Chalet Hotels Ltd.
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K Raheja Corp Pvt., one of India's largest real estate developers, is exploring an initial public offering that could raise up to $700 million, according to people familiar with the matter. The Mumbai-based company has held preliminary discussions with bankers about the potential share sale, seeking a valuation of approximately $7 billion.
IPO Details and Timeline
The proposed offering could take place later this year, though the company has not yet formally appointed advisers. Key details including timing, structure, and size of the deal remain subject to change, according to sources who requested anonymity due to the private nature of the deliberations.
| Parameter: | Details |
|---|---|
| Potential Fundraise: | Up to $700 million |
| Target Valuation: | Approximately $7 billion |
| Timeline: | Later this year |
| Status: | Preliminary discussions |
Market Context and Industry Comparison
If successful, K Raheja's IPO would potentially rank among India's largest real estate industry listings. India's largest real estate IPO on record remains DLF Ltd.'s 2007 listing, which raised ₹9,188.00 crores ($1 billion). Additionally, Bengaluru-based RMZ Corp. is planning an offering that could raise approximately $1 billion.
Share sales in India reached record levels last year, with the pipeline remaining robust for large deals expected this year, including Jio Platforms Ltd., which could become the country's biggest-ever IPO.
K Raheja's Business Portfolio
K Raheja operates a diversified real estate and hospitality portfolio spanning multiple segments:
Commercial and Residential Properties:
- Shopping malls and department store chains
- Hotels and hospitality services
- Power distribution operations
- Residential developments across five cities
Listed Entities:
- Mindspace Business Parks REIT: Commercial portfolio spun off and listed on Indian exchanges
- Chalet Hotels Ltd: High-end hotel chain operations
- Shoppers Stop: Chain of over 100 department stores across 45 cities
Infrastructure Assets:
- Inorbit malls operating across four cities
- Residential developments in multiple metropolitan areas
The company's representative did not respond to requests for comment regarding the potential IPO plans. The diversified nature of K Raheja's business operations positions it as a significant player in India's real estate and retail sectors.
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