Mumbai: Riding high on the renewed positive sentiment in the realty sector, leading developer Xrbia plans to launch IPO in 2016 and raise up to Rs 1,000 crore.
“The Central government's vision of ‘Housing for all by 2022' has strengthened our vision of providing sustainable affordable homes. We believe the time has come when we can launch an initial public offer (IPO) to raise funds to cater to the growing demand for housing,” Xrbia chairman and managing director Rahul Nahar told PTI here today.
The company is currently working on the nitty-gritty and expects the IPO to hit the market in 2016, he said.
Nahar, however, did not reveal how much the company was planning to raise through the IPO. “The proposal is at a very nascent stage and so we will not be able to disclose the amount now,” he said.
However, according to the sources, the company has an appetite to raise nearly Rs 1,000 crore.
It expects to close this fiscal year with a revenue of over Rs 200 crore.
Xrbia currently has projects in Pune and Mumbai with over 6 million sqft of existing development and 20 million sqft of planned projects.
“We have already launched 10 projects and we plan to launch another 10 in the coming years. These will be mainly township projects catering to the affordable housing segment,” Nahar said.
The company has also tied-up with Disney Entertainment to create a Disney-inspired mega city.