K Raheja Corp, one of India’s biggest real estate developers, is considering an initial public offering (IPO) that could raise up to $700 million, sources say. If it goes ahead, it could become one of the largest property sector listings in India.
The Mumbai-based company has held early talks with bankers about selling shares. It is reportedly seeking a valuation of around $7 billion, and the IPO could happen later this year. However, no advisers have been officially appointed yet, and details like timing, size, and structure could still change. The company has not commented publicly.
For context, India’s largest real estate IPO was DLF Ltd. in 2007, which raised $1 billion. Bengaluru-based RMZ Corp. is also planning a $1 billion IPO. Share sales in India reached record levels last year, with more large deals expected in 2026, including the potentially massive listing of Jio Platforms Ltd.
K Raheja Corp operates in commercial and residential real estate, including shopping malls, department stores, hotels, and power distribution. Its commercial properties are part of Mindspace Business Parks REIT, which is already listed.
The group also owns Chalet Hotels Ltd, runs Inorbit malls in four cities, has residential projects in five cities, and operates Shoppers Stop, a department store chain with over 100 stores in 45 cities.
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