Square Yards, a proptech platform, has begun work on its initial public offering (IPO), through which the company may raise 1,000 crore or more, joining several other technology companies planning to list, according to two people aware of the development.
Square Yards is a real estate and mortgage integrated platform that is expanding its business through international operations in the UAE, the rest of West Asia, Australia, and Canada. Its platform encompasses the entire real-estate journey, from search and discovery to transactions, home loans, interiors, rentals, property management, and after-sales service. This connects buyers to a vast network of over 500 partner real estate developers, 150,000 agents, and 100 lenders. Square Yards also creates business-to-business software-as-a-service platforms for developers.
“The company has appointed Axis Capital as the lead banker for its IPO. More banks will be hired later on. The exact figures of the share sale have not been decided yet, as the transaction is not likely to take place immediately. However, it is likely to be at least ₹1,000 crore and it will be a mix of primary and secondary share sales,” said one of the persons mentioned above, requesting anonymity as he is not authorized to speak with the media. “Capital will mostly be used for both organic and inorganic growth opportunities,” the person added.
Square Yards recently acquired platform capabilities in rentals and property management, data intelligence, and virtual reality, as well as launching its full-service platform for home furnishing and interior design.
Square Yards received $25 million in growth funding from Hong Kong-based investment manager ADM Capital last year.
