Anarock Property Consultants Files DRHP for ₹1,000 Crore IPO Advised by Khaitan & Co

Mumbai-based real estate advisory major Anarock Property Consultants Limited has submitted its Draft Red Herring Prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) to raise up to ₹1,000 crore via an initial public offering (IPO). Premier Indian law firm Khaitan & Co acted as legal counsel to the company for the draft filing, handling regulatory clearance procedures as well as shareholder agreement-related facets of the transaction.

The proposed issue marks a key milestone for the domestic real estate advisory sector, offering public market investors exposure to an asset-light, tech-led property transaction and consulting platform.

Issue Structure and Key Participants

The ₹1,000 crore public issue is structured as a mix of fresh issuance and a secondary stake sale:

• Fresh Issue: Equity shares aggregating up to ₹550 crore.
• Offer for Sale (OFS): Equity shares aggregating up to ₹450 crore from promoters and existing financial investors.
• Pre-IPO Placement: Anarock may consider a pre-IPO round of up to ₹110 crore in consultation with merchant bankers. If executed, the fresh issue component will be proportionately trimmed.

Under the OFS segment, promoter selling entities Peter Properties Limited and Khushi Trust intend to divest shares worth up to ₹130.95 crore and ₹60.36 crore, respectively. Promoters hold an aggregate 66.41% stake in the firm on a fully diluted basis. Financial investor funds managed by 360 ONE Alternates Asset Management Limited—which acquired an 18.77% stake in 2024 for ₹200 crore—will offload shares worth ₹225 crore. Other selling shareholders include Om Sai Trust, Coralred Consultants and Traders LLP, and Anuj A. Kejriwal.

The book-running lead managers (BRLMs) steering the public float are ICICI Securities, IIFL Capital Services, and 360 ONE WAM, while KFin Technologies will serve as the registrar to the issue.

The legal advisory team at Khaitan & Co was led by Corporate & Commercial Partners Bhavik Narsana and Kinshuk Jhunjhunwala, alongside Senior Associate Ipshita Dey.

Objectives of the Fresh Proceeds

Anarock plans to deploy net proceeds from the fresh issue across technology, mergers and acquisitions (M&A), and business expansion between FY28 and FY31:

• AI and Tech Infrastructure: ₹120 crore has been earmarked for digital capabilities, comprising ₹80 crore for artificial intelligence (AI) augmentation in its transaction advisory business, ₹25 crore for the Anarock Channel Partner (ACP) platform, and ₹15 crore for Anacity, its enterprise solutions platform run through subsidiary Anarock Group Business Services.
• Inorganic Expansion: ₹148 crore will be deployed towards funding remaining tranches for its majority acquisition of DSP Design Associates Private Limited. Anarock acquired an initial 53.68% stake in DSP Design Associates in late September 2026 for ₹64.01 crore via internal accruals.
• Talent and Advisory Expansion: ₹89.5 crore will fund specialized talent acquisition to deepen client service delivery.
• General Corporate Purposes: The balance will be used for unidentified acquisitions, strategic corporate initiatives, and working requirements.

Financial Profile and Market Footprint

Anarock operates across four core business verticals: Transaction Advisory, Leasing and Investment Advisory, Management Services, and Technology Solutions, with advisory practices contributing close to 85% of consolidated revenues.

Financially, the company reported a 53% surge in consolidated restated net profit for FY26 to ₹93.22 crore, up from ₹60.9 crore in FY25, while revenue from operations touched ₹881.9 crore. On a standalone basis, the group operated debt-free with zero outstanding borrowings across FY24, FY25, and FY26 prior to consolidating DSP Design's liabilities.

The company employs over 2,190 professionals across 15 Indian metropolitan areas and has operational presence in select Middle Eastern hubs. The equity shares are proposed to be listed on both BSE and the National Stock Exchange of India (NSE).

Tags: Anarock Property Consultants SEBI IPO Real Estate Khaitan & Co 360 ONE WAM