Assetz Ltd, a prominent Bengaluru-based real estate developer, has filed preliminary papers with markets regulator Sebi using the confidential route to raise around ₹1,200 crore through an initial public offering, according to a public notice on Saturday. The company submitted its pre-filed draft red herring prospectus with Sebi and the stock exchanges in relation to the proposed initial public offering of its equity shares on the main-board of the stock exchanges. Under the confidential pre-filing route, companies are allowed to keep their draft offer documents out of the public domain until the regulatory review process reaches a more advanced stage, with details regarding the offer structure, financial performance, valuation and listing timeline not available at this stage. As reported by The Hindu BusinessLine, the proposed listing would mark the public-market debut of one of Bengaluru's fastest-growing residential developers, which counts Singapore-based investment fund AGP Partners as a key shareholder.
JM Financial, BofA Securities India and Motilal Oswal Investment Advisors are serving as the book-running lead managers to the proposed issue, as reported by The Hindu BusinessLine. Assetz, founded by Ben Salmon and Rajpal Singh Chaudhary in 2006, has previously attracted investments from J.P. Morgan, Aditya Birla Capital, Motilal Oswal Alternates and HDFC Ltd in various projects. The company has raised and repaid more than ₹1,000 crore of capital over the years, demonstrating its strong financial track record. Singapore-based AGP Partners is a key shareholder in the company, with Ben Cameron Melville Salmon serving on Assetz's board as a non-executive director and not a promoter of the company.
Amid robust housing demand in Bengaluru, Assetz has stepped up land acquisitions to expand its project pipeline and recently acquired around 200 acres to strengthen its presence in the city's high-demand eastern and northern corridors. The Bengaluru-focused developer has tied up around 550 acres and maintains a development pipeline of about 4.5 crore square feet, largely through joint development arrangements, according to real estate consultants. The company is also exploring an entry into the Mumbai Metropolitan Region (MMR) as part of its geographical expansion plans, marking a crucial milestone in Assetz's growth trajectory.
Assetz has built an institutional-style operating and governance structure, with its projects structured through special purpose vehicles (SPVs), providing greater transparency and governance at the project level, according to real estate consultants. The company is led by its shareholder-cum-management team comprising Managing Director Akshay Kishore Dewani and Executive Director Sunil Kumar Pareek, supported by a board of non-executive and independent directors. The developer has maintained an ambitious plan for land acquisition and continues to focus on expanding its presence in premium housing and large integrated townships across Bengaluru.
