Eldeco Infrastructure and Properties IPO
Eldeco Infrastructure and Properties Limited has filed a draft red herring prospectus (DRHP) with SEBI for a mainboard IPO, a fresh issue and offer for sale. SEBI issued its observations on 30 January 2026, so the company can open the IPO any time up to 30 January 2027. The draft proposes a fresh issue of up to ₹800 crore and an offer for sale of up to ₹200 crore by promoters Pankaj Bajaj and Bandana Kohli. In FY25 the company made a loss of ₹63.76 crore on revenue of ₹694.98 crore. The price band, lot size and IPO dates are not announced yet.
- Status
- SEBI observations issued30 Jan 2026
- SEBI received draft
- 6 Oct 2025
- Type of issue
- Fresh issue and offer for sale
- Lead manager
- IIFL Capital Services Limited
- Must open by
- 30 Jan 202712 months from observations
- Price band and dates
- Not announced
Where it stands
Eldeco Infrastructure and Properties IPO: where it stands
SEBI processing status, 30 Oct 2026- Draft filed with SEBI6 Oct 2025
- SEBI reviewDone
- SEBI observations30 Jan 2026
- RHP and price bandNot yet
- Bidding and listingNot yet
SEBI has issued its final observations, which in practice is the go-ahead. The company can now file a red herring prospectus and open the IPO within 12 months.
DRHP at a glance
Eldeco Infrastructure and Properties DRHP at a glance
Draft red herring prospectus, 30 Sep 2025What the company's draft offer document says. Figures can change in the red herring prospectus, and nothing here is a review or a recommendation.
The business
DRHP, Our Business (p. 201) and Risk Factors (p. 44 to 48)Eldeco Infrastructure and Properties is a real estate developer in North India, mainly residential: townships, low-rise apartments and group housing. As of 31 March 2025 it had delivered 86 projects of more than 50 million sq ft over 25 years, in over 20 cities.
Delhi NCR projects gave 67.39% of FY25 revenue. The company and promoter Pankaj Bajaj also promote the listed Eldeco Housing and Industries, which is in the same business. It was incorporated in 2000; the registered office is in Faridabad and the corporate office in New Delhi.
The offer
DRHP cover page and The Offer (p. 81)| Fresh issue | Up to ₹800 croreMoney goes to the company |
| Offer for sale | Up to ₹200 crorePankaj Bajaj ₹102 crore (average cost ₹1.33 a share) and Bandana Kohli ₹98 crore (₹1.46) |
| Shares before the IPO | 6,49,51,062Face value ₹5 |
| Pre-IPO placement | Up to ₹160 croreOptional; would reduce the fresh issue |
| Listing | BSE and NSEMainboard, under Regulation 6(2), as it does not meet Regulation 6(1)(a) |
| Lead managers | IIFL Capital Services Limited and JM Financial Limited |
| Registrar | KFin Technologies Limited |
| Promoters | Pankaj Bajaj and Bandana Kohli |
What the company plans to do with the money
DRHP, Objects of the Offer (p. 113 to 114)| Object | ₹ crore | Share of fresh issue |
|---|---|---|
| Repaying or prepaying certain borrowings, including secured NCDs | 600.00 | 75.0% |
| General corporate purposes (set later, up to 25% of the fresh issue) |
Each object's share of the ₹800 crore fresh issue, shown in the table, is our calculation. Offer expenses are deducted before these amounts. The offer for sale money goes to the selling promoters, not the company.
Financials
DRHP, Summary of Financial Information (p. 82 to 85) and Basis for Offer Price, KPIs, ₹ crore| ₹ crore | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue from operations | 287.76 | 240.73 | 694.98 |
| EBITDA | 53.88 | 160.65 | 114.23 |
| EBITDA margin | 18.72% | 66.73% | 16.44% |
| Profit after tax | -20.63 | 10.11 | -63.76 |
| Diluted EPS (₹) | -3.24 | 1.10 | -10 |
| Total equity | 490.20 | 499.53 | 433.42 |
| Cash from operations | -100.62 | -129.67 | -430.77 |
| Return on net worth | -4.66% | 2.25% | -16.69% |
| Net debt to equity | 1.53 | 1.88 | 4.05 |
| Sales value booked | 867.96 | 726.79 | 2,102.27 |
Restated consolidated figures. FY25 and FY23 include exceptional charges. It made losses in FY23 and FY25. Real estate revenue is booked as projects are handed over, so it swings from year to year.
Listed peers named in the draft
DRHP, Basis for Offer Price. Peer prices as of 26 Sep 2025 on BSE.The P/E for Eldeco is not given until the price band is set; with a loss in FY25, there is no positive P/E.
| Company | Diluted EPS (₹) | P/E | RoNW |
|---|---|---|---|
| Eldeco Infrastructure and Properties (FY25) | -10.00 | Set with the price band | -16.69% |
| DLF | 17.64 | 40.58x | 10.29% |
| Signature Global (India) | 7.19 | 16.76x | 15.05% |
| Godrej Properties | 49.02 | 39.93x | 8.10% |
| Anant Raj | 12.43 | 54.62x | 11.98% |
| Max Estates | 1.70 | 270.41x | 1.23% |
Risks the draft lists first
DRHP, Risk Factors (p. 44 to 49)- Past lossesIt made net losses in FY23 and FY25 and may again. (Risk factor 1, p. 44)
- Residential focusIt depends mainly on residential projects. (Risk factor 2, p. 45)
- Delhi NCRDelhi NCR projects gave 67.39% of FY25 revenue. (Risk factor 3, p. 46)
- Negative cash flowIt has had negative net cash flows in the past. (Risk factor 4, p. 46)
- Project delaysProjects take years, and delays or cost overruns would hurt results. (Risk factor 6, p. 47)
- Group companyIt and promoter Pankaj Bajaj also promote the listed Eldeco Housing and Industries, which may cause conflicts of interest. (Risk factor 7, p. 48)
Documents
Eldeco Infrastructure and Properties DRHP and documents
SEBI filingsThe DRHP has the issue size, use of the money, financials, promoters and risk factors. It can change before the final red herring prospectus.
Questions
Eldeco Infrastructure and Properties IPO FAQs
When will the Eldeco Infrastructure and Properties IPO open?
The date is not announced. SEBI issued observations on 30 January 2026, and SEBI rules require the IPO to open within 12 months of that date, so by 30 January 2027 (our calculation). The company announces the dates in its red herring prospectus and price band notice.
Has SEBI approved the Eldeco Infrastructure and Properties IPO?
Yes. SEBI issued its final observations on 30 January 2026 (SEBI processing status archive, April 2025 to March 2026). SEBI does not "approve" an IPO as such; its observations let the company go ahead.
What is the Eldeco Infrastructure and Properties IPO price band and lot size?
Not announced. The price band is published at least two working days before the IPO opens, and the lot size is set with it. We add both here the day they are filed.
What is the Eldeco Infrastructure and Properties IPO GMP?
We do not publish a GMP. Grey market premium is unofficial: it is not regulated by SEBI and not published by any exchange. Before the price band is announced there is no issue price to compare it with.
Who is the lead manager of the Eldeco Infrastructure and Properties IPO?
IIFL Capital Services Limited is the coordinating book running lead manager named in SEBI's processing status report. The DRHP lists all the lead managers and the registrar.
What will Eldeco Infrastructure and Properties do with the IPO money?
According to the DRHP, the fresh issue money goes to repaying or prepaying certain borrowings, including secured NCDs (₹600.00 crore), and the rest to general corporate purposes. The offer for sale money goes to the selling shareholders, not the company.
What does Eldeco Infrastructure and Properties do?
Eldeco Infrastructure and Properties is a real estate developer in North India, mainly residential: townships, low-rise apartments and group housing. As of 31 March 2025 it had delivered 86 projects of more than 50 million sq ft over 25 years, in over 20 cities.
Where can I read the Eldeco Infrastructure and Properties DRHP?
On SEBI's website, where the draft red herring prospectus was published on 6 October 2025. The draft is dated 30 September 2025 and runs to 659 pages. It has the issue size, use of the money, financials and risk factors.
Sources: SEBI processing status of draft offer documents as on 30 October 2026, SEBI's yearly processing status archive and SEBI's list of draft offer documents, and the company's DRHP dated 30 September 2025. Day counts and the last date to open are our calculations. This page is information only, not a recommendation.