Everyone knows that regular exercise is important. We know we should go to the gym, follow a fitness routine and lose weight, but many of us struggle to stay committed. The moment we pay a trainer, however, the commitment often becomes more serious. The same applies to healthy eating. We know we should follow a better diet, but paying a dietitian often makes us more accountable.
For real estate companies, going public can have a similar effect. The question is not simply whether a developer needs money, but whether the discipline, accountability and scrutiny that come with an initial public offering (IPO) can make the business stronger.
That was the central discussion at a session on IPOs at CREDAI NATCON 2026, the three-day national real estate convention held in Kolkata from October 2 to 4. Shobhit Aggarwal, MD & CEO, ANAROCK Capital Advisors, said an IPO should be viewed as a significant business milestone rather than merely a fundraising exercise.
Varun Gupta, director, Ashiana Housing Ltd, compared the process to having a fitness trainer in a gym: the requirement to maintain documents, systems, financial information, and the company's performance reviewed regularly, can force a business to become more organised.
The fitness analogy underscored why companies often become more disciplined after making a financial commitment. Once a person invests in a trainer, there is greater accountability to follow the plan. Similarly, the requirements of a listed company can force a developer to put stronger systems, processes and financial discipline in place.
{{/usCountry}}The fitness analogy underscored why companies often become more disciplined after making a financial commitment. Once a person invests in a trainer, there is greater accountability to follow the plan. Similarly, the requirements of a listed company can force a developer to put stronger systems, processes and financial discipline in place.
{{/usCountry}}The discussion also brought together Deepak Kishan Goradia, chairman & MD, Dosti Realty, Abhimanyu Bhattacharya, partner, Capital Markets, Khaitan & Co, and Pinak Rudra Bhattacharyya, senior vice-president & head - corporate finance, IIFL Capital.
An IPO is more than raising money
For developers, an IPO is no longer simply a question of raising money. It can change how a company operates, attracts talent, builds credibility and manages its business.
Aggarwal said the benefits of listing extend beyond the immediate capital raised. A listed company’s shares can become a form of currency, giving the business another instrument with which to raise capital, structure transactions and build value.
An IPO can therefore provide three broad advantages: access to capital, a publicly traded equity currency and greater visibility.
For a real estate company, access to capital is particularly important because development is inherently capital-intensive. Projects require large upfront investments, while land acquisition, construction, and project delivery span long cycles.
But the capital comes with a price: greater transparency and scrutiny.
Listing can bring discipline
Gupta said the benefits of becoming a listed company go beyond the money raised through an IPO.
“Listing not only helped to buy” was part of his observation on the wider benefits of accessing public markets, with the discussion highlighting access to capital and institutional investors such as insurance companies.
For Gupta, the compliance requirements associated with listing can also bring discipline to a business.
The fitness-trainer analogy captures that discipline. Just as paying a trainer can make an individual more committed to maintaining a fitness routine, the obligations of a listed company can push a developer to maintain better documentation, systems, and financial information, and to subject its performance to regular review.
For developers, this discipline can be significant because a listed company operates with greater transparency, with financial performance and other material information subject to regular disclosure and scrutiny.
‘There is no right time’
Aggarwal’s message to developers considering an IPO was that there is no universal “right time” to list.
The more important question, he said, is whether the company is ready.
An IPO cannot be treated as a one-day event. A developer first has to build a sustainable business and demonstrate that it can meet the requirements of the public market.
The preparation itself can improve the company. Developers need to prepare well in advance, put systems in place, and ideally operate the business as if it were already listed.
That means strengthening financial reporting, governance, documentation, internal processes and management systems before approaching the market.
Preparation starts long before listing
The session underlined that an IPO is effectively a journey rather than a single transaction.
A developer contemplating a listing has to prepare for greater transparency, investor scrutiny, quarterly reporting and continuous engagement with shareholders. The company’s business model, project pipeline, financial performance, and governance systems are all under a much closer lens.
The preparation, therefore, is not merely about meeting regulatory requirements. It can become a process of strengthening the underlying business and institutionalising it.
The speakers also emphasised the importance of setting realistic expectations. For a company going public, the principle is to under-promise and then deliver, rather than build expectations that the business cannot sustain.
IPO market is strong, but real estate cannot ignore the cycle
The discussion comes at a time when the broader Indian IPO market is showing considerable strength. September alone saw 34 IPOs raise nearly ₹39,340 crore, while the pipeline as of September 25 comprised 237 companies seeking to raise an estimated ₹4.48 lakh crore.
In the first half of FY27, companies raised a record ₹1 lakh crore through IPOs, supported by domestic liquidity and strong investor participation.
However, the real estate sector has not moved in lockstep with the broader IPO market. Several developers have reconsidered or delayed IPO plans amid a moderation in housing demand and changing market sentiment, even as commercial real estate has remained comparatively resilient.
That makes preparedness particularly important for developers. A strong primary market does not automatically mean every real estate company should rush to list.
The question is whether the business is sufficiently mature, transparent, and financially prepared to meet the obligations of being a public company.
For Aggarwal, the IPO opportunity is effectively a once-in-a-lifetime milestone for many businesses. But the preparation for that opportunity begins much before the listing documents are filed.
For Gupta, the value of listing extends beyond the initial capital raise. Access to institutional capital, greater visibility and the discipline imposed by compliance can fundamentally change the way a company operates.
The message emerging from the NATCON discussion was therefore less about whether developers should launch an IPO now and more about whether they are ready for what comes after the IPO.
Just as paying a trainer can turn fitness from an intention into a commitment, going public can turn business discipline into an obligation. The IPO may last a day, but building a company capable of withstanding public-market scrutiny is a much longer journey.