Jaikumar Constructions Ltd IPO

Last Updated: 30 September 2022 12:58 AM by 5Paisa

Details on IPO
Jaikumar Constructions, a real estate developer, has filed a DRHP with SEBI to raise funds via sale of shares. The issue is pure of sale of equity shares worth 79 lakhs equity shares with each share having a face value of Rs. 10.
The company, which filed draft papers with SEBI in June, obtained its observations on September 10.
Aryaman Financial Services and Galactico Corporate Services are the lead managers of the issue. Shares of the company are proposed to be listed on BSE and NSE.

Objective of the Issue
The net proceeds of the IPO will be used for: 
1.    development of phase 1 of residential project Parksyde Nest in Nashik
2.    further investment in subsidiary for part-financing the construction of “Parksyde Business Avenue” 
3.    repayment of outstanding unsecured loans 
4.    general corporate purposes
 

Jaikumar Constructions Limited, is a well-established real estate developer from Nashik operating under the name “Parksyde”. The company is promoted by Mr. Manoj Tibrewala and family who have a presence in the real estate sector for over two decades.
The firm and its subsidiary (JREPL) have constructed and delivered possession of approximately 6.93 lakhs sq. ft. and 4.50 lakhs sq. ft. of carpet area of residential units, respectively. Its ongoing residential projects includes 2 phases of Parksyde Homes & 1 commercial project under the subsidiary company namely Parksyde Business Avenue and the planned residential project includes 3 phases of Parksyde Nest, wherein it expects to provide an estimated total carpet area of 9.90 lakhs sq. ft. (i.e. 13.31 lakhs sq. ft. of constructed area).
It has concentrated on developing luxury, yet affordable, housing in the residential segment and ventured into development of commercial projects in Nashik. The firm has an established reputation and a track record of developing eco-friendly and luxurious projects through its emphasis on maximum compliance, contemporary architecture, modern amenities, strong project execution and quality construction in the real estate industry.
 

Financials