Shapoorji Pallonji Group Appoints 6 Investment Banks to Kick Off ₹8,000-Crore IPO of Realty Arm

As per Moneycontrol report, Shapoorji Pallonji Group has initiated the listing process for its real estate subsidiary, Shapoorji Pallonji Real Estate, with a capital raise of over ₹8,000 crore to unlock value and reduce group‑level debt. 

IPO Structure and Advisory Team 

The syndicate of investment banks comprises JM Financial, Motilal Oswal, Morgan Stanley, SBI Capital, UBS and HDFC Bank. The issue is expected to include both primary and secondary share components. Legal counsel is provided by Trilegal, AZB & Partners and Sidley Austin, covering company, banking and foreign matters respectively. 

Real Estate Portfolio Overview 

Shapoorji Pallonji Real Estate holds development potential of more than 14,20,00,000 square feet across Mumbai, Thane, Pune, Kolkata, Bengaluru and Gurugram.  

Projects span luxury residences such as BKC 9 Mumbai and The Odyssey, as well as affordable housing under the Joyville brand. Commercial workspaces operate under the SP Infocity brand in Pune, Nagpur and Manesar, and the group collaborates with SD Corp for redevelopment ventures. 

Debt Context and Recent Transactions 

Promoter‑level debt is estimated at ₹25,000–30,000 crore, roughly half of the group’s total debt of ₹55,000–60,000 crore.  

The group has pledged its entire stake in Tata Sons to support refinancing. Recent asset sales include the divestment of a 56 percent stake in Gopalpur Port to Adani Ports and the sale of Dharamtar Port to JSW Group. In November 2025, Afcons Infra raised ₹5,430 crore through a separate listing, with debt repayment as a key objective. 

Read More: NSE IPO Inches Closer as SEBI NOC Nears, CEO Confirms! 

Conclusion 

The Shapoorji Pallonji Group’s real estate arm is set to raise over ₹8,000 crore through an IPO managed by 6 i banks and three law firms. The proceeds are intended to unlock asset value and address a substantial debt burden, while the portfolio spans luxury, affordable and commercial projects across major Indian cities. 

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