Anarock Property Consultants files DRHP for IPO for Rs 1,000 crore

Mumbai-based AnaRock Property Consultants has filed its Draft Red Herring Prospectus (DRHP) with capital markets regulator, Securities and Exchange Board of India (SEBI) for its Initial Public Offering (IPO) for Rs 1,000 crore. The IPO, with a face value of Rs 1, is a fresh issue for up to Rs 550 crore and an offer-for-sale for up to Rs 450 crore by promoters – Peter Properties Limited and Khushi Trust.

Investors selling shares – 360 ONE Special Opportunities Fund – Series 12, 360 ONE Private Equity Fund – Series 2, 360 ONE Large Value Fund – Series 5, 360 ONE Large Value Fund – Series 13, 360 ONE Special Opportunities Fund – Series 13, Om Sai Trust, Coralred Consultants and Traders LLP and Anuj A Kejriwal.

The company, in consultation with the book-running lead managers, may consider a Pre-IPO Placement for Rs 110 crore, prior to filing of the Red Herring Prospectus with the RoC. If the pre-IPO placement is completed, the amount raised pursuant will be reduced from the Fresh Issue. The proceeds from its fresh issuance worth Rs 80 crore will be utilised for investment in AI augmentation and technology for certain business lines of the company; namely transaction advisory, Rs 25 crore for technology solutions through ACP, and Rs 15 crore for Technology Solutions through ACP, Rs 89.5 crore for strengthening existing businesses and adding new specialised services through talent augmentation to deepen client engagement, Rs 148 crore for funding the DSP acquisition, and funding inorganic growth through unidentified acquisitions and strategic initiatives and general corporate purposes. The Offer is being made through the book-building process, wherein not more than 50% of the net offer is allocated to qualified institutional buyers, and not less than 15% and 35% of the net offer is assigned to non-institutional bidders and retail individual bidders respectively.

Incorporated in 2011, the company is an independent real estate advisory and services firm that combines institutional real estate market expertise, proprietary market knowledge and artificial intelligence-powered insights to deliver comprehensive real estate solutions to a diversified range of clients including real estate developers, corporate occupiers, retail brands, government bodies, financial institutions, private equity funds, sovereign funds and other institutional investors. Its capabilities span the full real estate lifecycle, enabling it to serve clients and capture opportunities across different stages of the real estate value chain. Its services are broadly categorized under four business segments namely – Transaction Advisory, Leasing and Investment Advisory, Management Services and Technology Solutions.

Through its Transaction Advisory business segment, it provides strategic advisory and sales services for sale of new homes to developers primarily through its exclusive mandate model. Anarock Business Solutions service, which is also a part of Transaction Advisory segment, provides services covering digital marketing, creative, home loans and post-sales support for residential sales. Its  Leasing and Investment Advisory business provides land acquisition and investment banking, strategic advisory and valuation, commercial and retail leasing, and strata sales, hospitality advisory and valuation services.

Through its Management Services business, it offers project management and base build services for buildings under construction and corporate fit-out services and, following its acquisition of a controlling interest in DSP Design, architecture, master planning, design and design build services. It also provide technology solutions through Anacity, which is its enterprise technology platform for commercial and residential buildings and Anarock Channel Partner (ACP), which aggregates channel partners on the platform and enables residential sales through them, complemented by flexible-workspace solutions for corporate occupiers through its associate, myHQ.

Its business model does not involve undertaking real estate development or construction, acquiring land for development or holding real estate inventory. It does not provide brokerage services for leasing and resale of residential units except for its residential business in Dubai where it does resale. According to the Knight Frank Report, the company has the most comprehensive service offering among the benchmarked players, spanning the entire residential real estate value chain and combining traditional advisory capabilities with sales, digital distribution, channel-partner management and post-sales solutions.

Based on the Proforma Financial Information for Fiscal 2025, it is estimated to have an overall market share of approximately 3% among organised residential real estate advisory players in India, and a comparatively stronger share of approximately 10.1% in Transaction Services (Source – Knight Frank Report). The company commenced its journey with residential strategic advisory and sales mandates primarily exclusive in nature and has since expanded into a comprehensive range of real estate leasing and investment advisory, management services and technology solutions businesses.

As at March 31, 2026, the company had 2,192 permanent employees and operated across 15 cities in India, together with operations in the Middle East. Its four business segments enable it to serve clients across the real estate lifecycle, supported by a robust suite of enabling functions that address client requirements at various stages of the real estate value chain. Its proprietary research capabilities support its client relationships across real estate sectors, including residential, office, retail, hospitality, industrial and logistics and land markets across India and the Middle East. Its Middle East operations currently focus on residential home sales in Dubai including resale of homes.

Technology, data and artificial intelligence (AI) including both predictive AI and generative AI are integral to service delivery and execution across its platform. Since 2017, its proprietary Customer Relationship Management (CRM) platform has served as core operating infrastructure for its Transaction Advisory business, enabling it to build a repository of customer-interaction data over time. It has progressively developed predictive artificial intelligence and machine learning models and generative AI tools that leverage on this repository.

As at March 31, 2026, March 31, 2025 and March 31, 2024, the company had no outstanding borrowings. Its day-to-day capital requirements were fulfilled through equity funding provided by its promoters until 2024. In 2024, the company received investment from funds managed by 360 ONE Alternates Asset Management Limited, pursuant to which it holds 18.77 % of pre-Offer equity share capital on a fully diluted basis of the company. Its revenue from operations was Rs 881.8 crore during FY26 as compared to Rs 509.2 crore during FY24. Its net profit was Rs 93.2 crore during FY26 as compared to Rs 44.9 crore during FY24. 

ICICI Securities Limited, IIFL Capital Services Limited and 360 ONE WAM Limited are the book-running lead managers, and KFin Technologies Limited is the registrar of the issue. The equity shares are proposed to be listed on the National Stock Exchange of India Limited and BSE Limited.