Shriram Properties IPO: Check Open/Close Date, IPO Price, IPO Size | Espresso



December 06, 2021

SHRIRAM PROPERTIES is coming out with a fresh public issue to raise Rs 600 crores from the market.

Key details of the issue:

  • Issue opens – Dec 8 (Wednesday)
  • Issue closes – Dec 10 (Friday)
  • Issue size – Rs 600 crores
  • Price band – Rs 113 to 118 per equity share
  • Bid lot – 125 shares and in multiples thereof

And here are some details of the company and further details on the Shriram Properties issue.

Company details:

·        Shriram Properties Limited (“Shriram Properties”), the part of Shriram Group, was incorporated on March 28, 2000. Shriram Properties is one of the leading residential real estate development companies in South India, primarily focused on the mid-market and affordable housing categories. They are among the Top-5 residential real estate companies in South India in terms of number of units launched between the calendar years 2012 and the third quarter of 2021 across Tier 1 cities of South India including Bengaluru, Chennai and Hyderabad. In addition, they also have presence in Kolkata in East India. Bengaluru and Chennai are two key markets for them.

·        As of September 30, 2021, the company has 29 Completed Projects, representing 16.76 million square feet (“msf”) of Saleable Area, out of which their 24 Completed Projects in the cities of Bengaluru and Chennai accounted for 90.56% of their Saleable Area. Further, 83.69% of the total Saleable Area for Completed Projects were in the mid-market category and affordable housing category (accounting for 51.44% and 32.25% respectively), and the remainder in the commercial and office space and luxury housing categories.

·        In addition, as of September 30, 2021, the company has portfolio of 35 projects in Ongoing Projects, Projects under Development and Forthcoming Projects aggregating to 46.72 msf of estimated Saleable Area. The portfolio consists of 26 Ongoing Projects, 5 Projects under Development and 4 Forthcoming Projects, which account for 56.28%, 17.71% and 26.01% of their total estimated Saleable Area, respectively.

·        As of September 30, 2021, they have Land Reserves of approximately 197.47 Acres, with a development potential of approximately 21.45 msf of estimated Saleable Area.

·        Shriram Properties is transitioning from a real estate development model to a combination of real estate development and real estate services based business model, with a shift towards an asset light business strategy.

·        Shriram Properties has successfully stabilised the development management (“DM”) model in their core markets having entered into definitive agreements for 14 projects with an estimated aggregate Saleable Area of 14.91 msf under the DM model which accounts for 31.92% of total estimated Saleable Area under their Ongoing Projects, Projects under Development and Forthcoming Projects as of September 30, 2021.

·        They have benefited from the strategic inputs and support of marquee global and domestic financial investors, including entities affiliated with TPG, Tata Opportunities Fund, Walton Street Capital and Starwood.

 Issue size:

Rs 600 crores

Employee Reservation

Equity shares aggregating upto Rs. 3 crores

Employee Discount

Rs. 11/- per share

 Issue break-up:

  • QIB – 75% of the net offer – Rs 447.75 crores
  • NIB – 15% of the net offer – Rs 89.55 crores
  • RET – 10% of the net offer – Rs 59.70 crores




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