Reliance Capital, an early backer, is expected to exit the Square Yards INR 1,500 crore IPO.
- ByStartupStory | January 24, 2022
Between April and May, Square Yards is expected to file its DRHP with the market regulator.JM Financial, Bank of America, and Axis Capital have already been hired to handle the IPO . According to sources, Square Yards’ founders, management, and early employees, who own 55 percent of the company, are unlikely to sell their shares during the IPO.
Gurugram-based Square Yards, which is on track to become the country’s first proptech business to go public, is expected to lose one of its early investors. Square Yards, which is preparing for its INR 1,500 crore IPO in the domestic market, is expected to see Anil Ambani’s Reliance Capital exit, according to persons familiar with the situation.
Square Yards received its initial investment from Reliance Capital in 2016, when it put $12 million into the company. Reliance Capital now owns about 10% of Square Yards, an integrated real estate platform.
Square Yards’ IPO will comprise both a new issue of shares and an offer for sale, according to sources familiar with the company’s plans. The firm is targeting a fresh issue size of 60 percent to 70 percent of the INR 1,500 crore IPO, i.e. INR 900 crore to INR 1,050 crore in fresh issue shares.
The company is expected to go public at a valuation of more than $1 billion, making it a unicorn.
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