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Delhi-based real estate firm Eldeco Infrastructure and Properties has submitted its draft red herring prospectus (DRHP) to Securities and Exchange Board of India (SEBI), targeting a Rs. 1,000-crore IPO to enhance its net debt-to-equity ratio.
The company plans to issue fresh shares worth Rs. 800 crore, with promoters Pankaj Bajaj and Bandana Kohli offering Rs. 200 crore worth of shares through an offer-for-sale, according to the IPO documents filed on September 30. Eldeco may raise up to Rs. 160 crore in a pre-IPO round before filing the final red herring prospectus.
Operating in North India, Eldeco intends to allocate Rs. 600 crore from the fresh issue to repay outstanding loans of its subsidiary, Eldeco Infracon Realtors, with the remainder for general corporate purposes. As of August 2025, Eldeco Infracon Realtors’ outstanding borrowings stood at Rs. 1,285.8 crore, with the company’s net debt-to-equity ratio at 4.05 times in FY25.
“We aim to improve our net gearing ratio by leveraging operational cashflows from new project launches, sales, and execution,” Eldeco Infrastructure stated in its DRHP.
Having completed 86 projects spanning over 50 million square feet, the company, as of March 2025, has 19 ongoing projects with a saleable area of 7.24 million square feet and 18 upcoming projects with 7.37 million square feet across 14 cities.
Eldeco Infrastructure reported a net loss of Rs 63.8 crore for the year ending March 2025, compared to a Rs 10.1 crore profit the previous year, attributed to an exceptional loss and weak operational performance. Revenue from operations soared 188.7 percent to Rs 695 crore from Rs 240.7 crore. However, EBITDA fell 17.15 percent to Rs 44.1 crore, with the margin declining to 6.34 percent from 22.12 percent.
The IPO is managed by book-running lead managers IIFL Capital Services and JM Financial.
