Proptech company Square Yards is gearing to mop up ₹2,000 crore in an initial public offering (IPO) at an estimated valuation of \\$1.5–2 billion, sources with knowledge of the development have told ET. The Gurugram-based firm is finalizing investment bankers and is set to file its Draft Red Herring Prospectus (DRHP) during the current financial year.
Key Highlights-
- Square Yards plans Rs 2000 crore IPO with equal primary and secondary components
- Funds will help reduce debt and give exit to early investors
- Company targets Rs 2000 crore revenue and Rs 200 crore EBITDA by FY26
"The ₹2,000 crore planned IPO will be divided between primary and secondary components equally," a source said, further stating that most of the proceeds would go toward enabling an exit for early investors and debt reduction.
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Started in 2013, Square Yards has become one of India's top proptech platforms, providing a complete suite of real estate solutions from property discovery, purchase and sale, and mortgage brokerage to rentals, home decor, and property management. The platform has operations in over 100 cities across nine countries with a network of 150,000 agent partners.
As per TheKredible data, Square Yards has raised a total of $200 million in funding till date with Reliance Group owning an 8% stake. After the IPO, founders will be left with over 50% stake in the company, an individual mentioned.
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Square Yards has adopted an ambitious goal of reaching ₹2,000 crore in revenue and ₹200 crore EBITDA by FY26. In FY25, the firm registered 40.9% year-over-year growth in operating revenue at ₹1,410 crore, with 51.9% growth in gross profits at ₹316 crore from ₹208 crore in FY24.
