With a valuation of about ₹9000 crores, Wadhwa is planning to raise funds of ₹2500 to ₹2000 crores. However, the final price of the IPO has not been decided yet and can be changed at the time of the IPO launch, market conditions, and investors’ interest in the IPO.
According to the sources, the company is working on the preparation of the draft papers and might submit the DRHP to SEBI in the next month.
The proceeds raised from the issue will be utilized to repay the existing debt taken by the company, and the funds will be used for the development of new residential and commercial projects.
ICICI Securities, JM Financial, and DAM Capital are the chosen investment banks for the public issue.
Incorporated in 1969, Wadhwa group is one of the leading real estate companies with over 50 years of experience with completing more than 250 landmark projects. As of now, the company has been engaged working on residential, commercial, and township developments projects covering around 4.1 million square meters. What makes a company so unique is their timely execution, planning and creative designs. As of now, the company consists of more than 35,000 happy customers and 150 clients.
In 2021, one of the largest real estate company from Mumbai launching an IPO was Macrotech Developers Limited (Lodha Group) who have raised ₹2,500 crore, after which Wadhwa group might be the second largest company to raise funds of ₹2,500 crore if any changes not made in the IPO.
