Kanodia Cement IPO: Rs 800 Cr Raise, DRHP Filing Soon

New Delhi, Oct 24 (PTI) Kanodia Cement plans to launch its initial public offering to raise around Rs 800 crore and is likely to file draft document with market regulator SEBI in the next two months, a top company official said.

Kanodia Cement, which currently has an annual capacity of around 5 million tonnes, is also looking to raise funds from institutional investors before filing the draft red herring prospectus (DRHP) with SEBI.

Kanodia Group manufactures cement and personal hygiene products. It has recently forayed into real estate and media businesses.

Gautam Kanodia, founder of Kanodia Cement, "We are expanding our cement capacity to 10 million tonnes." It has plants in Uttar Pradesh and Bihar.

He said the Group is also planning to list cement business on stock exchanges.

Kanodia Cement is looking to raise around Rs 800 crore through the public issue. The company is planning to file the DRHP in November or early December. Merchant bankers have already been appointed.

In the real estate business named KREEVA, Kanodia said the company plans to launch three ultra-luxury projects by 2025-end in the Delhi-NCR market.

Gautam Kanodia, Founder of KREEVA, said, "the luxury housing market is constantly evolving, and we see immense potential in this segment."

Mayank Jain, CEO of KREEVA, said the company is looking at a revenue of Rs 6,000 crore from these three projects.

For the first project in Gurugram, KREEVA has partnered with Shapoorji Pallonji Real Estate to develop a 1.74 acre housing project with an estimated revenue of over Rs 1,200 crore.