Embassy eyes R2,400 cr IPO

In what could be the biggest realty IPO this year, Bangalore-based Embassy Properties Developments is hitting the capital market with a R2,400-crore public offer around December.

In what could be the biggest realty IPO this year, Bangalore-based Embassy Properties Developments is hitting the capital market with a R2,400-crore public offer around December.

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The company plans to raise around R200 crore through a pre-IPO placement, and is learnt to be in talks with foreign institutional investors and a commercial bank. The extent of stake dilution would be fixed after this is finalised.