BPTP plans IPO

Buoyed by bullish response to realty firms tapping the capital market, NCR-based BPTP Ltd is also planning to raise Rs 1,500 crore through a maiden public offer early next year for part-financing its projects.
"We are planning to come out with an IPO. We will be filing the draft prospectus with SEBI this month," company's Chairman and Managing Director Kabul Chawla told PTI.
Asked about amount that the firm is plans to mop up from the capital market, Chawla said: "We plan to raise about Rs 1,500 crore from the IPO."
BPTP's plans to launch a public issue follows successful IPO's of other realty firms from NCR like DLF, Parsvnath and Omaxe. Emaar MGF also plans to come out with an IPO of Rs 6,000 crore and has recently filed the draft prospectus with market regulator SEBI.
The public issue of BPTP is expected to hit the market by second fortnight of January, company president and chief financial officer Abhinandan Chatterjee said.
"The capital expenditure over the next two years is estimated at about Rs 4,000 crore to develop various ongoing and future projects," Chatterjee said, adding that part of this would be financed through the funds raised in IPO.
When asked about the valuation that the company was looking at, Chawla said: "We have not yet decided on equity to be offloaded in IPO". The company has appointed Citibank, Kotak and Merrill Lynch as bankers to manage the IPO.
Promoters currently hold 94 per cent share in the company. Citibank's realty arm has invested Rs 322 crore for 5.9 per cent stake, which puts an enterprise value of Rs 5,475 crore. However, Chatterjee said the valuation would increase as BPTP has acquired significant land bank after that deal.
BPTP has 1,782 acres of land bank in NCR having saleable area of 108 million sq ft.