RMZ Corp., one of India’s leading real estate developers, is contemplating an initial public offering (IPO) that could raise up to $1 billion, according to sources familiar with the situation. This move could set the stage for one of the country’s largest real estate listings.
The Bengaluru-based firm has initiated preliminary discussions with bankers about the potential listing, as stated by anonymous sources due to the confidential nature of the discussions. The IPO is expected to occur later next year.
RMZ has not yet officially appointed advisers, and critical factors such as timing, structure, and overall size of the offering remain subject to change. A company representative has not responded to requests for comment.
If finalized, this transaction would mark the largest Indian real estate IPO since DLF Ltd. raised ₹91.88 billion (approximately $1 billion) in 2007.
The potential IPO comes as India’s primary market records its second consecutive year of unprecedented fundraising. Companies have raised ₹1.77 trillion as of December 7, surpassing last year’s total of ₹1.73 trillion, according to Bloomberg data. The pipeline remains strong, with significant deals anticipated in 2026, including Jio Platforms Ltd., which is expected to be the largest IPO in India’s history.
RMZ, owned by brothers Raj and Manoj Menda and their family, operates as an integrated real estate platform that includes offices, retail, hospitality, and digital infrastructure, as detailed on its website. It competes with major players in the sector, including DLF, Brookfield India Real Estate Trust, and Embassy Office Parks REIT.
The Canada Pension Plan Investment Board invested $210 million in RMZ’s commercial projects in Chennai and Hyderabad in 2021. Additionally, in 2020, Japan’s Mitsui Fudosan Co. supported one of RMZ’s office projects in Bengaluru, known as India’s technology hub.
