Real estate developer, BPTP Limited, plans to raise around Rs 1,500 crore through an IPO early next-fiscal, a top company official said.
"We have applied to Sebi for approval. We hope to launch our IPO of Rs 1,500 crore early next-fiscal," BPTP's Managing Director, Kabul Chawla, told PTI in Mumbai on Wednesday.
The company, which presently has a networth of Rs 1,600 crore, is hoping to clock a topline of Rs 1,000 crore and PAT of Rs 200 crore in FY 10.
From the issue proceeds, the company plans to pre-pay Rs 325 crore of its debt while Rs 500 crore has been earmarked for Government use, he said.
The realty major, presently, has a consolidated debt of Rs 900 crore.
In 2011, Rs 150 crore will come up for repayment and in 2012, Rs 600 crore, Chawla said, adding that "though we are not stressed in terms of debt, we plan to pre-pay Rs 325 crore out of the issue proceeds."
JP Morgan and SSKI are the Book-Running Lead Managers (BRLMs) to the issue.
The company which is primarily into mid-housing development also has four SEZ projects but is presently going slow on them.
"Given prevailing market conditions, we have deferred activity on our SEZs so as not to over-leverage our balance-sheet," Chawla said.