Mumbai-based real estate advisory firm Anarock Property Consultants has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise up to ₹1,000 crore through an initial public offering (IPO).
The proposed issue comes as Anarock looks to expand its real estate advisory business, increase its use of artificial intelligence and technology, strengthen its talent base and pursue acquisitions. The IPO will also provide an exit opportunity for some existing investors through an offer for sale.
The proposed public issue comprises a fresh issue of equity shares worth up to ₹550 crore and an offer for sale (OFS) of up to ₹450 crore. Promoter entities Peter Properties and Khushi Trust are among the selling shareholders, along with several investment funds managed by 360 ONE and other investors.
Anarock may also consider a pre-IPO placement of up to ₹110 crore before filing its final Red Herring Prospectus with the Registrar of Companies. If completed, the amount raised through such a placement would be deducted from the fresh issue component.
The company plans to use a significant part of the fresh capital to build technology capabilities across its business. Around ₹80 crore has been earmarked for artificial intelligence augmentation and technology for its transaction advisory business.
Another ₹25 crore is planned for technology solutions through ACP, while ₹15 crore has been allocated for technology solutions through Anacity, a subsidiary of the company. The focus reflects Anarock’s effort to bring more technology and AI-powered tools into property transactions and related real estate services.
The company has also set aside ₹89.5 crore for strengthening existing businesses and adding specialised services through talent augmentation. The investment is expected to support hiring and expansion as Anarock seeks to deepen its presence across different segments of the real estate market.
A further ₹148 crore is earmarked for the proposed DSP acquisition. The amount will also cover certain strategic initiatives and inorganic growth plans. Anarock had acquired a 51% stake in DSP Design Associates, an architecture and design firm, and the IPO proceeds will help fund the acquisition of the remaining equity share capital, excluding the employee stock option pool.
The balance of the fresh issue is proposed to be used for unidentified acquisitions, strategic initiatives and general corporate purposes.
Anarock was incorporated in 2011 and has built its business around real estate advisory and related services. Its operations cover several parts of the property value chain, including transaction advisory, leasing and investment advisory, management services and technology solutions.
The company works with a wide range of clients, including real estate developers, corporate occupiers, retail companies, financial institutions, private equity funds, sovereign funds and government bodies. Its business spans residential and commercial real estate as well as other institutional property requirements.
Technology has increasingly become part of the company’s business model. Anarock uses proprietary market information and artificial intelligence-powered insights as it works with clients on property transactions and other real estate decisions.
Its financial performance has also expanded in recent years. Revenue from operations rose to about ₹881.9 crore in FY26, compared with around ₹658.9 crore in FY25. Net profit increased to approximately ₹93.2 crore in FY26, from ₹60.8 crore in the previous financial year.
The company had no outstanding borrowings as of March 31, 2026, according to the draft filing. Its capital requirements had historically been supported by promoter funding, before it raised ₹200 crore from 360 ONE Asset Management in 2024 to support organic and inorganic business growth.
Following that investment, funds managed by 360 ONE held about 18.77% of Anarock’s pre-IPO equity share capital on a fully diluted basis, according to the filing.
Anarock had around 2,192 permanent employees as of March 31, 2026, while its wider group has about 2,300 employees across key Tier-1 and Tier-2 markets in India and the Middle East. The company operates across 15 cities in India, alongside its Middle East operations.
The proposed IPO is structured through the book-building route. Not more than 50% of the net offer can be allocated to qualified institutional buyers, while not less than 15% and 35% will be available to non-institutional investors and retail individual investors, respectively.
ICICI Securities, IIFL Capital Services and 360 ONE WAM have been appointed as the book-running lead managers for the issue, while KFin Technologies will act as the registrar.
Anarock has proposed listing its equity shares on both the BSE and NSE, subject to regulatory approvals and completion of the IPO process.
The proposed listing comes at a time when India’s real estate market is becoming increasingly technology-driven, with property transactions, market intelligence and client engagement moving towards digital platforms. For Anarock, the IPO provides capital to combine its established real estate advisory operations with AI, technology and targeted acquisitions.
The company’s immediate priorities are therefore centred on expanding its existing businesses, strengthening specialised services and building technology capabilities. The proposed DSP acquisition and future acquisitions could further broaden its presence across the real estate services ecosystem as Anarock prepares for its next phase of growth.
