Mumbai-based realty firm Ashwin Sheth Group plans to float an IPO in the next 2 years, raise ₹2,000- ₹3,000 crore

Mumbai-based real estate developer, Ashwin Sheth Group (ASG), on July 9 announced that it plans to float an Initial Public Offering (IPO) in the next 18 to 24 months and raise ₹2,000 to ₹3,000 crore. The money raised from the IPO will be used for expansion purposes.

"We are planning to launch an Initial Public Offering (IPO) in the next 18–24 months," said Ashwin Sheth, Chairman and Managing Director, Ashwin Sheth Group.

The company announced that it plans to expand its business portfolio in Mumbai Metropolitan Region (MMR), foray into Bengaluru and Delhi NCR and invest over ₹4,500 crore in the next three to five years.

The company also has plans to enter the Hyderabad, Chennai and Goa real estate markets.

“India’s real estate market has long been a key driver of economic growth, significantly contributing to the country’s GDP. As Mumbai leads the luxury market and the real estate industry experiences positive momentum, we decided this was the perfect time for us to move onto the next level," said Sheth.

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"Our rebranding marks a significant milestone in our journey, reflecting our commitment to creating spaces that resonate deeply with our customers' aspirations. With sales reaching ₹1486 in FY23-24 and maintaining three-fold growth trajectory, our financial year 2023–24 has been exceptional," Sheth said.

The company's current debt level is around ₹400 crore and has under construction projects spread across an area of 3.5 million sq ft.

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Plotted development and Grade A commercial office spaces on the cards

The company also plans to diversify into different asset classes in order to diversify its businesses.

"We plan to enter into the business of second homes, holiday homes, plotted development, Grade A commercial office spaces, warehousing in the coming years. We also plan to aggressively enter into joint ventures (JV) and redevelopment of old buildings in MMR," said Bhavik Bhandari, Chief Sales and Marketing Officer, Ashwin Sheth Group.

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"We are aggressively expanding in the MMR region and will soon be launching projects in Kandivali, Borivali, Sewree, Juhu, Marine Drive, Nepean Sea Road, Goregaon, Thane, Mulund, and Mazagaon. The company plans to be among the top 10 real estate players in India in the next four to five years," Bhandari added.