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GODREJ Properties, real estate arm of the Godrej group, last week received the Sebi approval to raise funds through an initial public offering (IPO).

A person close to the development said the company would sell around 10% stake through the IPO while another 3.5% stake would be offered to some select institutions in a pre-IPO placement. Although the size of the entirely bookbuilt issue is not yet decided, the company may raise anywhere between Rs 450 crore and Rs 600 crore. ICICI Securities and Kotak Mahindra Capital are the merchant bankers for the issue.

When asked, Pirojsha Godrej, executive director of Godrej Properties said, “We are considering the IPO, but it is difficult to give an exact time frame at this point in time.” Godrej Industries owns 82% stake, while the Godrej family owns 18% in the company.

The IPO proceeds would be utilised to finance expansions and meet working capital requirements.

Godrej Properties has a land bank of 404 acres as on May 2008. The company is mainly into the high and middle segment of the residential property space. It plans to get into the affordable housing segment, which is least affected by the economic slowdown. It has already developed several properties in Mumbai, Pune, Kolkata, Bangalore, Hyderabad, and Ahmedabad. Now it plans to expand its operations to Chennai, Kochi, the National Capital Region (NCR) and Goa.

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