Bangalore-based Shriram Properties has filed a draft document with the Securities and Exchange Board of India (Sebi) to raise up to Rs 800 crore through an initial public offer (IPO). The proposed IPO comprises of a fresh issue aggregating up to Rs 250 crore and an offer for sale of up to Rs 550 crore.

Shriram Properties has proposed partial exits for its four existing investors — TPG Capital, Tata Capital, Walton Street Capital and Starwood Capital — which own around 58 per cent of the company.

The company proposes to utilise the net proceeds from the fresh issue towards repayment or pre-payment, in full or part, of certain borrowings availed by it and by certain subsidiaries apart from using them for general corporate purposes, subject to applicable laws.

Axis Capital, ICICI Securities and Nomura Financial Advisory and Securities (India) Pvt Ltd are the book running lead managers to the issue.