Eldeco Infrastructure and Properties IPO
Eldeco Infrastructure and Properties IPO — date, issue size, SEBI status & DRHP details 2025
Eldeco Infrastructure and Properties filed its draft red herring prospectus (DRHP) with SEBI on 6 Oct 2025 for an IPO of a fresh issue of up to ₹800 crore and an offer for sale of up to ₹200 crore. The draft is no longer on SEBI's list of pending offer documents. The price band, lot size and IPO dates are not announced yet.
Eldeco Infrastructure and Properties is a real estate developer in North India with 86 delivered projects and 19 ongoing projects of 7.24 msf. Its Net Debt to Equity ratio was 4.05 times at 31 March 2025 and Rs 600 crore of the IPO goes to repay a subsidiary's debt.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the DRHP filed with SEBI
Where the Eldeco Infrastructure and Properties IPO stands
From draft to listing. Today is 11 November 2026.
- DRHP filed 06 Oct 2025
- SEBI observations Done
- RHP & price band TBA
- Bidding TBA
- Listing TBA
| DRHP filed with SEBI | 6 Oct 2025 |
|---|---|
| SEBI status | SEBI review completed |
| RHP, price band & dates | Not announced |
Eldeco Infrastructure and Properties IPO details
The offer as the DRHP describes it. Terms can change in the RHP.
| Issue type | Fresh issue and offer for sale |
|---|---|
| Fresh issue | Up to ₹800 Cr |
| Offer for sale | Up to ₹200 Cr |
| Total issue size | ₹1,000 Cr |
| Pre-IPO placement | Up to ₹160 Cr (reduces the fresh issue) |
| Face value | ₹5 per share |
| Proposed listing | BSE, NSE |
| Price band | Not announced (comes with the RHP) |
| Lot size | Not announced |
| IPO dates | Not announced |
| Book running lead managers | IIFL Capital Services Limited, JM Financial Limited |
| Registrar | KFin Technologies Limited |
Who is selling in the offer for sale
| Selling shareholder | Type | Offering | Avg. cost / share |
|---|---|---|---|
| Pankaj Bajaj | Promoter | Up to Rs 102 crore | Rs 1.33 |
| Bandana Kohli | Promoter | Up to Rs 98 crore | Rs 1.46 |
The average cost of acquisition per share is Rs 1.33 for Pankaj Bajaj and Rs 1.46 for Bandana Kohli, after the share split and the 2:1 bonus issue.
Strengths & risks
The case for and against, from the DRHP's own numbers and risk factors.
Strengths · 6
- 01The company has delivered 86 projects of more than 50 msf since 2000 and works in over 20 cities.
- 02Sales value rose to Rs 2,102.27 crore in FY2025 from Rs 726.79 crore in FY2024 and Rs 867.96 crore in FY2023.
- 03Revenue from operations grew to Rs 694.98 crore in FY2025 from Rs 240.73 crore in FY2024.
- 04The pipeline has 19 ongoing projects of 7.24 msf and 18 forthcoming projects of 7.37 msf in 14 cities.
- 05Deliveries rose to 1.38 msf in FY2025 from 0.90 msf in FY2024 and 0.22 msf in FY2023.
- 06Average sale price went up to Rs 10,973.41 per sq ft in FY2025 from Rs 5,253.50 in FY2023.
Risks · 10
- 01The company made a loss of Rs 63.76 crore in FY2025 and Rs 20.63 crore in FY2023, with a profit of Rs 10.11 crore in FY2024.
- 02Net Debt to Equity was 4.05 times at 31 March 2025, against 1.88 times a year earlier. Total borrowings were Rs 1,785.25 crore.
- 03Cash flow from operations was negative at Rs 390.75 crore in FY2025, Rs 105.14 crore in FY2024 and Rs 84.46 crore in FY2023.
- 04Delhi-NCR holds 67.03% of the residential saleable area, so the company depends on one region.
- 05Guarantees and securities given were Rs 2,765.07 crore at 31 March 2025, mostly for debentures of a fellow subsidiary.
- 06Of the Rs 800 crore fresh issue, Rs 600 crore repays debt of the subsidiary Eldeco Infracon Realtors, so none of it goes into new projects.
- 07General corporate purposes are not yet specified and can be up to 25% of the gross proceeds of the fresh issue.
- 08Litigation against the company includes 1 criminal case, 11 tax cases, 3 regulatory cases, 5 material civil cases and 49 other matters, involving Rs 46.01 crore.
- 09Contingent liabilities include income tax demands of Rs 11.18 crore and Rs 11.35 crore for two assessment years, and claims of Rs 18.81 crore not acknowledged as debts.
- 10Other income was Rs 70.11 crore in FY2025, which is 9.2% of total income, and EBITDA margin moved from 66.73% in FY2024 to 16.44% in FY2025.
Eldeco Infrastructure and Properties financials
Restated figures in ₹ crore, as reported in the DRHP.
| ₹ crore | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Revenue from Operations | 694.98 | 240.73 | 287.76 |
| Total Income | 765.08 | 278.26 | 305.66 |
| EBITDA | 114.23 | 160.65 | 53.88 |
| Profit After Tax | -63.76 | 10.11 | -20.63 |
| Net Worth | 382.12 | 449.43 | 443.09 |
| Total Borrowing | 1785.25 | 991.88 | 796.76 |
| Total Assets | 3755.40 | 2557.90 | 2009.45 |
Key ratios (FY25)
P/E and market capitalisation need the price band and are added when the RHP is out.
Where the IPO money goes
₹600 crore of the fresh issue is earmarked to named objects; offer for sale proceeds go to the selling shareholders, not the company.
About Eldeco Infrastructure and Properties
As on 31 March 2025 the company had 19 ongoing projects with a saleable area of 7.24 msf and 18 forthcoming projects with a saleable area of 7.37 msf, across 14 cities. Residential is the core business. The company has also built commercial projects from time to time, such as Eldeco Centre, a Grade A office and retail hub in Delhi.
Delhi-NCR is the main market. It held 67.03% of the saleable area of residential projects at 31 March 2025, against 65.46% a year earlier and 63.91% two years earlier.
Sales picked up in FY2025. Sales value was Rs 2,102.27 crore on 1,273 units, against Rs 726.79 crore on 911 units in FY2024. Gross collections were Rs 1,134.88 crore in FY2025 and Rs 1,001.54 crore in FY2024. The company launched 3.14 msf in FY2025 and delivered 1.38 msf. Its average sale price was Rs 10,973.41 per sq ft, up from Rs 6,544.43 in FY2024.
The promoters are Pankaj Bajaj, who is Chairman and Managing Director, and Bandana Kohli. Pankaj Bajaj is also a promoter of Eldeco Housing and Industries Limited, a listed company in the same line of business. The company shares project facilitation and loan arrangements with it.
The industry
The industry report by Cushman & Wakefield says India's real estate sector is expected to reach US$ 650 billion by 2025 and to rise from 10% of GDP in 2023 to 14.8% in 2030 and 15.5% by 2047. In residential, new launches grew at a CAGR of about 13% and absorption at about 12% over 2018 to 2024. Grade A office stock in the top 8 markets grew at a CAGR of about 7% from 437 msf in CY2016 to about 840 msf in H1 CY2025.
Customer concentration: Delhi-NCR held 67.03% of the residential saleable area at 31 March 2025 (65.46% a year earlier).
Promoters & management
The two promoters hold 99.99% and two promoter group members hold 12 shares, so promoters and the promoter group hold 100.00% before the issue.
| Name | Role |
|---|---|
| Pankaj Bajaj | Chairman and Managing Director |
| Rajiv Khurana | Chief Financial Officer |
| Swati Gupta | Company Secretary and Compliance Officer |
The bankers & the filings
Who is running the issue, and the SEBI documents this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
JM Financial Ltd.
126 issues handledBest listing: Tata Technologies (+140.0%). Weakest: ACME Solar Holdings (-13.1%).
IIFL Capital Services Limited
117 issues handledBest listing: Unicommerce eSolutions (+117.6%). Weakest: Rategain Travel Technologies (-15.3%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Eldeco Infrastructure and Properties IPO: frequently asked
When will the Eldeco Infrastructure and Properties IPO open?
The Eldeco Infrastructure and Properties IPO dates are not announced yet. The draft is no longer on SEBI's list of pending offer documents. The company announces the dates and price band after it files its red herring prospectus (RHP) with the Registrar of Companies, usually a week or two before bidding opens. This page switches to the full IPO page with dates, price band and lot size as soon as that happens.
What is the Eldeco Infrastructure and Properties IPO price band?
The price band is not announced yet. It is set by the company and its lead managers and published with the RHP, a few days before the issue opens. The DRHP fixes only the face value of ₹5 per share.
How big is the Eldeco Infrastructure and Properties IPO?
Eldeco Infrastructure and Properties filed its draft red herring prospectus (DRHP) with SEBI on 6 Oct 2025 for an IPO of a fresh issue of up to ₹800 crore and an offer for sale of up to ₹200 crore. The DRHP puts the total at about ₹1,000 crore.
Has SEBI approved the Eldeco Infrastructure and Properties IPO?
The draft is no longer on SEBI's list of pending offer documents. SEBI observations are valid for 12 months; the IPO has to open within that window or the company must file again.
What is the Eldeco Infrastructure and Properties IPO GMP?
There is no grey market premium to report before the price band is announced. IPO Guru starts tracking the Eldeco Infrastructure and Properties IPO GMP once the RHP and price band are out.
What will Eldeco Infrastructure and Properties do with the IPO money?
As per the DRHP: Prepay or repay borrowings, including secured non-convertible debentures, of Eldeco Infracon Realtors Limited, a material subsidiary (₹600 crore); General corporate purposes.
Who are the lead managers of the Eldeco Infrastructure and Properties IPO?
The book running lead managers are IIFL Capital Services Limited, JM Financial Limited. KFin Technologies Limited is the registrar.
Is Eldeco Infrastructure and Properties profitable?
It made a loss of Rs 63.76 crore in FY2025 and Rs 20.63 crore in FY2023, and a profit of Rs 10.11 crore in FY2024.
Who owns Eldeco Infrastructure and Properties?
Promoters Pankaj Bajaj (51.00%) and Bandana Kohli (48.99%) hold the company before the IPO. Together with two promoter group members they hold 100.00%.
How will Eldeco use the IPO money?
Rs 600 crore of the fresh issue is for repaying borrowings of its subsidiary Eldeco Infracon Realtors. The rest is for general corporate purposes.
Other companies in the IPO pipeline
Mainboard companies with drafts filed with SEBI, same bankers first.
Know the day the price band is out.
We track every mainboard draft from SEBI filing to listing. When Eldeco Infrastructure and Properties files its RHP, this page becomes the full IPO page with dates, price band, lot size, GMP and subscription.
Not investment advice. Figures are from the company's draft offer document filed with SEBI and may change in the RHP.
