BPTP Plans Rs 1500 Cr IPO In Early FY11 (10-Mar-2010)
BPTP Ltd. is eyeing to raise around Rs. 1,500 crore through an Initial Public Offering (IPO) in early next financial year.
Mr. Kabul Chawla, Managing Director of BPTP said the company has applied for the approval from Securities and Exchange Board of India (SEBI) for its IPO.
Currently, the company has a networth of Rs. 1,600 crore and is likely to register a topline of R. 1,000 crore and Profit After Tax (PAT) of Rs. 200 crore in the current financial year.
Mr. Chawla said the proceeds from the issue would be utilised to pre-pay Rs. 325 crore of its debt while Rs. 500 crore has been set aside for government use.
Currently, the company has a combined debt of Rs. 900 crore.
Mr. Chawla also said that in 2011, Rs. 150 crore will come up for repayment and in 2012, Rs. 600 crore. He said the company is not stressed in terms of debt and planned to pre-pay Rs. 325 crore out of the issue proceeds.
JP Morgan and SSKI are the Book-Running Lead Managers (BRLMs) for this issue.
The company which is mainly into mid-housing development business also has 4 SEZ projects but is presently going slow on them.
He said seeing the current market conditions, the company has postponed the activity on its SEZs project so as not to over-leverage its balance-sheet.
He also said that the company has the option of converting its 4 IT SEZs at - Noida, Greater Noida, Gurgaon and Faridabad for residential purposes.
On its focus on the National Capital Region (NCR) market he said that there is a great potential here and the company intends to focus on this region.
The company has 1 project in Hyderabad spread over 10 acres, which it plans to take up at an appropriate time.
BPTP has a land in reserve of around 1,860 acres. It also has 37 mn sq ft of ongoing projects and has already sold 31 mn sq ft worth Rs. 5,500 crore so far. Its receivables stand at Rs. 2,500 crore.
JP Morgan and Citi currently hold 12 % stake in the company while Merrill Lynch has 49 % stake in one of its Special Purpose Vehicle - Vital.
At present, Citi Properties holds 50 % stake in its Faridabad SEZ SPV, 17 % in its Noida SEZ SPV and 43 % in its Greater Noida SEZ SPV.
BPTP Ltd. is a real estate development company and is undertaking a wide-range of projects including - integrated townships, residential & commercial complexes, retail spaces, IT parks and SEZs.
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