K Raheja Corp. Pvt., one of India's largest real estate developers, has delayed plans for an initial public offering after feedback from investment bankers, according to people familiar with the matter.
The Mumbai-based developer had been exploring an IPO that could have raised as much as $700 million, Bloomberg reported in January. The company decided to postpone the listing by at least a year following discussions on the timing and valuation of a potential share sale, the people said, asking not to be identified because the deliberations are private.
The company now intends to revisit the plan once it has achieved greater scale, potentially allowing it to pursue a larger offering and command a higher valuation, the people said.
A representative for the company didn't respond to requests for comment.
India's IPO market has remained subdued this year, with companies raising about $3.92 billion so far in 2026, compared with about $22 billion raised last year, according to data compiled by Bloomberg. Several prospective issuers have delayed listing plans amid volatile equity markets, geopolitical tensions in the Middle East and concerns over slowing economic growth. Bankers, however, expect issuance to pick up in the second half as market conditions stabilize and investor sentiment improves.
The real estate industry has also lagged the broader market. The Nifty Realty Index has declined about 7% over the past year, compared with a roughly 4% drop in the benchmark Nifty 50 Index. Kalpataru Ltd., the last pure-play real estate developer to list in India, is trading about 28% below its IPO price since its market debut in August 2024.
K Raheja Group has a diversified portfolio spanning commercial real estate, residential projects, retail and hospitality. The group operates luxury hotels through listed Chalet Hotels Ltd., owns Inorbit malls across four cities, has residential developments in five cities and controls department store chain Shoppers Stop Ltd. It also spun off its office portfolio into Mindspace Business Parks REIT, which is listed on Indian stock exchanges.
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(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
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