Upcoming IPO: Neelkanth Relators, a Mumbai-based real estate developer, has filed its draft red herring prospectus (DRHP) with the stock market regulator Securities and Exchange Board of India (SEBI) for an initial public offering (IPO).
Neelkanth Relators IPO will entirely be a fresh share sale of 1,35,00,000 shares of the face value of ₹10 each, with no offer for sale (OFS) component.
The company plans to IPO proceeds to the tune of ₹67.83 crore for funding the development of Neelkanth Plaza Project; repayment of certain borrowings by the company, and general corporate purposes.
In the IPO, 50% of the offer will be reserved for qualified institutional investors, 15% for non-institutional investors and 35% for retail investors.
Swastika Investmart is the sole book-running lead manager for the IPO while Link Intime India is the registrar to the offer. Neelkanth Realtors shares are proposed to be listed on NSE and BSE.
About Neelkanth Relators
Neelkanth Realtors is a real estate company operating in Mumbai’s Eastern Suburbs and Thane city in the Mumbai Metropolitan Region (MMR). The company offers a diversified suite of projects in both residential and commercial segments.
Differentiated offerings and corresponding amenities based on the needs of the location and community have helped the company maximise its revenue.
Furthermore, it conducts almost all aspects of the real estate development business through an in-house team, from conceptualisation to completion.
In addition to its completed projects, Neelkanth Realtors is actively developing three ongoing projects, encompassing a RERA carpet area of 1,11,486.95 square feet. Furthermore, it has four upcoming projects in the pipeline, with an estimated RERA carpet area of 3,75,078 square feet.
The company posted a slight decline in its revenue from operations in Fiscal 2024 to ₹54.06 crore as compared to ₹57.39 crore in Fiscal 2023. Profit after tax (PAT) for Fiscal 2024 was ₹17.50 crore, witnessing a sharp multifold increase from ₹0.08 crore posted in Fiscal 2023.
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