K Raheja Corp Pvt., one of India's largest real estate developers, is reportedly weighing an initial public offering (IPO) that could raise as much as $700 million. The Mumbai-based company has reportedly held preliminary discussions with bankers regarding a potential share sale, with sources indicating a target valuation of about $7 billion for the offering. The IPO could potentially take place later this year. However, key details like the timing, structure, and size of the deal are still subject to change, as K Raheja has not yet formally appointed advisers.
This potential IPO by K Raheja could be one of the largest real estate listings in India. To put this in perspective, India's largest real estate IPO on record was DLF Ltd.'s 2007 listing, which raised approximately $1 billion. Additionally, Bengaluru-based RMZ Corp. is also reportedly planning an offering that aims to raise around $1 billion.
K Raheja's business interests are diverse, encompassing commercial and residential properties. The group operates shopping malls, a department store chain (Shoppers Stop with over 100 stores in 45 cities), hotels (under the listed entity Chalet Hotels Ltd.), and residential developments across five cities. The developer has also spun off its commercial portfolio into Mindspace Business Parks REIT, which is listed on Indian exchanges. The company is also involved in power distribution and owns Inorbit malls across four cities.
