Real estate giant K Raheja eyes $700 million IPO
K Raheja Corp, one of India’s largest real estate developers, is weighing an initial public offering that could raise as much as $700 million, according to people familiar with the matter, potentially setting the stage for one of the country’s biggest listings in the industry.
The Mumbai-based company has held preliminary discussions with bankers about a possible share sale, the people said, asking not to be identified because the deliberations are private. The company is seeking a valuation of about $7 billion and the offering could take place later this year, they said.
K Raheja has yet to formally appoint advisers and key details including the timing, structure, and size of the deal could still change, the people said. A representative for the company didn’t respond to requests for comment.
India’s largest real estate IPO on record was the 2007 listing of DLF Ltd., which raised ₹9,188 crore. Bengaluru-based RMZ Corp is also planning an offering that could raise about $1 billion.
Share sales in India rose to a record level last year and the pipeline remains robust, with large deals expected this year including that of Jio Platforms Ltd., which could be the country’s biggest-ever IPO.
K Raheja’s interests span commercial and residential property from shopping malls and a department store chain to hotels and is also involved in power distribution, according to its website. The developer has spun off its commercial portfolio into Mindspace Business Parks REIT, which is listed on Indian exchanges.
The group operates a high-end hotel chain under the listed entity Chalet Hotels Ltd, owns Inorbit malls across four cities, has residential developments in five cities, and owns Shoppers Stop, a chain of more than 100 department stores in 45 cities.
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Published on January 20, 2026
