The company is 40pc owned by Dubai's Emaar Properties and Indian real estate developer MGF Development holds close to 60pc.
Emaar MGF said that it had filed a prospectus with the Indian regulator and would offer up to 117.4 million shares in the sale, including a pre-IPO placement at a price to be determined through a book-building issue.
India's market regulator takes at least a month to approve the issue, and the company was then expected to offer shares in the following three months, bankers said.
Sources close to the development said the company may raise about $1.5 billion depending on the market conditions.
"The pricing of the issue will depend on the market condition. If the market rises to 18,000 or 19,000, it is a different story altogether," a banking source said.
In July, real estate firm DLF listed after raising $2.25 billion in India's biggest IPO. Shares in DLF, India's biggest real estate developer, rose nearly nine percent on their debut, and have gained nearly 30pc since then.
Home prices in India have dropped as much as 20pc this year because of rising interest rates and a correction after prices had more than doubled in a few years.
Source: http://www.gulf-daily-news.com/
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