According to the sources, the IPO proceeds will be utilized for the company’s purposes, which are outlined below.
An essential portion of the IPO money will be utilized for providing exits for early investors and deleveraging the company’s balance sheet. Moreover, the fresh issue component is expected to fuel further growth and expansion, particularly in both domestic and international markets.
Tanuj Shori and Kanika Gupta Shori are the founders of the company and are likely to keep more than 50% of the ownership after the IPO. Square Yards is one of the few Indian tech startups where the original promoters still hold a majority stake after listing.
While final details are still being worked out, insiders confirmed that Square Yards is in the final stages of appointing investment bankers and has yet to decide whether it will proceed via the confidential filing route or the traditional public route.
Square Yards Company’s History
Square Yards is one of the leading companies in terms of a comprehensive real estate platform. The company has finished operations in over 100 cities across 9 countries, such as the Middle East, Australia, and Canada, which collectively contribute more than 25% of its total revenue. Since it was founded, Square Yards has secured more than USD 200 million (about INR 1,715 crore) in funding.
Key investors in Square Yards include Reliance Group (with an 8% stake), ADM Capital, Bennett Coleman & Co. (BCCL), and Genkai Capital.
