Mumbai-based Realtor Neelkanth Realtors Limited, one of the prominent real estate developers in Mumbai’s Eastern Suburbs and Thane City in the Mumbai Metropolitan Region (‘MMR’), has filed its Draft Red Herring Prospectus (DRHP) with capital markets regulator, Securities and Exchange Board of India (SEBI) to raise funds through Initial Public Offering (IPO).
The IPO, with a face value of Rs 10, is entirely a fresh issue of shares up to 1.35 crore shares with no offer-for-sale component.
The proceeds from the fresh issue to the extent of Rs 67.83 crore will be used for funding development cost of its Neelkanth Plaza Project (Funding Development Expenses); repayment and/or pre-payment or repayment, in full or part, of certain outstanding borrowings availed by the Company; and general corporate purposes.
The Issue is being made through the book-building process, wherein not more than 50% of the Issue is allocated to qualified institutional buyers, and not less than 15% and 35% of the net offer is assigned to non-institutional and retail individual bidders respectively.
Neelkanth Realtors specializes in crafting unique residential and commercial real estate developments within key micro-markets of the Mumbai Metropolitan Region (MMR). With a diverse portfolio spanning a broad price range, the company tailors its offerings and amenities to suit the needs of each location and community, thereby optimizing its revenue potential. Neelkanth Realtors has consistently focused on customer satisfaction by creating nurturing spaces that enhance lifestyles, striving to position the ‘Neelkanth’ brand as a trusted provider of high-quality real estate solutions.
The Bhimjyani Family, originally involved in real estate development since the 1980s alongside their partners, operated under the tradename ‘Neelkanth.’ Following a court-approved mutual arrangement in 2009, the Bhimjyani Family ventured independently into real estate under the Company’s banner. The agreement allowed both parties to use the ‘Neelkanth’ brand for their real estate businesses. Over time, Neelkanth (Bhimjyani Group) has built a strong reputation and brand presence, particularly in the Eastern Suburbs and Thane City within the MMR.
The company adopts a customer-centric approach, catering to diverse requirements in terms of location, pricing, and configurations. Its success stems from a deep understanding of the real estate market, strong design and execution capabilities, and effective marketing initiatives. These factors, combined with a robust brand presence, have driven the company’s growth and enhanced its reputation for project development and execution in the MMR.
Neelkanth Realtors collaborates with renowned architects, including Shashikant Deshmukh & Associates, to conceptualize its projects. The company manages most aspects of real estate development in-house, from land acquisition to project completion. Its team oversees planning, marketing, procurement, vendor selection, and construction activities while working closely with contractors and labor teams. The in-house sales team, supported by a network of trusted channel partners, assists customers throughout the property acquisition process—from booking to final delivery.
The company is helmed by experienced promoters, Rashmi C. Bhimjyani and Bhavik R. Bhimjyani, who collectively bring over three decades of expertise in real estate and trading. Bhavik Bhimjyani, the Chairperson and Managing Director, has more than 20 years of experience across various facets of the real estate industry. The leadership team also includes Anil Dwivedi, the Chief Executive Officer, who boasts over 25 years of real estate experience. They are supported by a team of seasoned professionals instrumental in executing the company’s business strategies.
In addition to its completed projects, Neelkanth Realtors is actively developing three ongoing projects, encompassing a RERA carpet area of 1,11,486.95 square feet. Furthermore, it has four upcoming projects in the pipeline, with an estimated RERA carpet area of 3,75,078 square feet.
The Company's revenue from operations for the Fiscal 2024 was Rs 54.06 crore as compared to Rs 57.39 crore for the Fiscal 2023. Profit after tax for the Fiscal 2024 was Rs 17.50 crore as compared to Rs 0.08 crore for the Fiscal 2023.
