Mumbai-based real estate player Wadhwa Group is planning an IPO worth ₹2,000–2,500 crore, riding the wave of public listings by city-based developers. The offering will help retire debt and fuel expansion, adding momentum to India’s growing property sector.

Wadhwa Group Files for IPO Worth Up to ₹2,500 Cr, Eyes ₹9,000 Cr Valuation

In a fresh sign of confidence in India’s real estate market, Wadhwa Group, a prominent Mumbai-based developer, is preparing to raise ₹2,000 to ₹2,500 crore through an initial public offering (IPO). The move places it among a growing list of local realtors tapping public markets to fund expansion and reduce debt.

According to sources familiar with the matter, the IPO could value the company at around ₹9,000 crore, although the final valuation and offer size will depend on market conditions and investor sentiment at the time of listing. The draft red herring prospectus (DRHP) is currently in advanced stages and is expected to be filed with SEBI within the next month.

IPO Momentum Among Mumbai Developers

Wadhwa’s IPO plans come on the heels of several high-profile listings in Mumbai’s real estate space. Notably:

Macrotech Developers (Lodha Group) raised ₹2,500 crore in 2021.

Rustomjee (Keystone Realtors) went public with a ₹635 crore issue in November 2022.

Arkade Developers and Suraj Estate Developers raised ₹410 crore and ₹400 crore respectively in 2023 and 2024.

Recently, Runwal Enterprises also filed papers for a ₹1,000 crore IPO.

These offerings underscore renewed investor appetite for real estate plays, especially as housing demand picks up across metro cities.

Fueling Growth and Reducing Debt

Proceeds from Wadhwa’s IPO will be used primarily to retire existing debt and fund the development of new residential and commercial projects. The group is working with ICICI Securities, JM Financial, and DAM Capital as its investment bankers for the issue.

Diverse Portfolio Anchored in Mumbai

Wadhwa’s commercial portfolio includes marquee developments like The Capital, Platina, and Trade Centre in Mumbai’s financial district of Bandra Kurla Complex (BKC). It also owns office assets in key

suburban hubs like Borivali, Mulund, Chembur, and Vashi in Navi Mumbai. A new commercial development, Venue 52, is underway in Khar.

On the residential side, Wadhwa has ongoing and upcoming projects in Chembur, Juhu, Mulund, Kandivali, and Panvel, with the Panvel project being a 450-acre integrated township.

What This Means for the Market

The planned listing reflects broader bullishness around India’s real estate rebound, particularly in top-tier cities like Mumbai, where demand for quality housing and commercial space is resilient. With a strong brand, established assets, and ambitious growth plans, Wadhwa’s IPO could emerge as a key market barometer for 2025.