Gurugram based Square Yards eyes an IPO of INR 1500 Crore
- ByTejika Bajaj | December 20, 2021
Gurugram based proptech startup Square Yards eyes to launch its initial public offer (IPO) to raise about Rs 1,500 crore for future growth of the business. The startup is likely to file a draft document with market regulator SEBI soon to get clearance for the issue.
Market sources said that Square Yards is planning to launch its IPO with an issue size of about Rs 1,500 crore. The issue would be a mix of fresh issuance and offer for sale (OFS) for existing shareholders.
Square Yards has finalised investment bankers for its IPO and plans to file a draft red herring prospectus (DRHP) within the following 2 months thus eyeing a market debut in mid-2022.
The Gurugram-based company has so far raised USD 125 million, of which USD 60 million as equity and USD 65 million as debt capital. Some of its major investors include Kae Capital, ADM, Bennett Coleman and Co. Ltd, Reliance Capital along with Koh Boon Hwee (Ex-Chairman, SingTel & DBS) and George Hongchoy (CEO, Link REIT).
The company reported revenue of Rs 250 crore in the 2020-21 financial year. It sold properties worth Rs 6100 crore on behalf of builders and facilitated home loans worth Rs 1,900 crore during the last fiscal.
A proptech startup, Square Yard primarily deals with property brokerage, home loan brokerage and rental businesses. It offers a full-stack digital real-estate journey from search and discovery, transactions, home loans, home interiors, rentals, property management, and post-sales services. The startup also provides B2B (business to-business) SaaS (software as a service) to real estate agents, property developers, banks, and other financial institutions.
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