Square Yards, a Gurugram-based proptech platform, is preparing to raise around Rs 2,000 crore through an initial public offering (IPO), with an expected valuation between $1.5 billion and $2 billion, according to people familiar with the matter.
The company is in discussions with investment bankers and is likely to file its Draft Red Herring Prospectus (DRHP) before the end of the financial year. The IPO is expected to be equally divided between primary and secondary components.
A significant part of the proceeds will be used to reduce existing debt and allow early investors to exit.
Founded in 2013, Square Yards provides integrated real estate services such as property discovery, buying and selling, home loans, rentals, furnishings, and property management. It currently operates across 100+ cities in nine countries and works with over 150,000 real estate agents.
As per data from TheKredible, the platform has secured approximately $200 million in funding to date. The Reliance Group is one of its major investors, holding an 8% stake in the company.
Sources also suggest that Square Yards’ founders are likely to retain over 50% stake post-IPO.
The company is aiming for Rs 2,000 crore in revenue and Rs 200 crore in EBITDA by the end of the upcoming financial year.
For FY25, Square Yards reported Rs 1,410 crore in operating revenue, marking a 40.9% increase from the previous year. Its gross profit grew by 51.9%, reaching Rs 316 crore compared to Rs 208 crore in the previous period.
Square Yards has not yet responded to requests for comment.
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By Proptechbuzz
By Ravi Kumar