By ipomarket.in Editorial Team · Last reviewed: 2026-10-03
Disclaimer: This article is for informational purposes only and does not constitute investment advice. IPO investments are subject to market risks. Please read the offer document carefully and consult a SEBI-registered investment advisor before investing.
Real estate services firm Anarock Property Consultants has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on 30 September 2026, taking the first formal step towards a public listing. The company plans to raise ₹1,000 crore. At this stage the issue is still at the draft document stage, which means several key details that retail investors usually care about — the price band, lot size, opening and closing dates, and any grey market activity — do not yet exist.
This article walks through what the DRHP actually confirms, and clearly separates it from what is still unknown.
What the DRHP confirms
A DRHP is the preliminary offer document a company files with SEBI before an IPO. It explains the business, its finances and how it intends to use the money raised. It does not carry a price or dates — those come later in the Red Herring Prospectus (RHP), after SEBI reviews the draft. If you want a fuller explanation of this document, see our guide on what a DRHP is and how to read it.
Here is the structure Anarock has proposed:
| Component | Amount |
|---|---|
| Total IPO size | ₹1,000 crore |
| Fresh issue | Up to ₹550 crore |
| Offer for sale (OFS) | Up to ₹450 crore |
| Optional pre-IPO placement | Up to ₹110 crore |
| Face value per share | ₹1 |
The fresh issue portion brings new money into the company. The OFS portion is existing shareholders selling part of their stake, so that money goes to the selling shareholders rather than the business. The DRHP also mentions an optional pre-IPO placement of up to ₹110 crore; if that is completed, the fresh issue size would be reduced accordingly.
Anarock has proposed listing its equity shares on both the BSE and NSE.
How the fresh issue money will be used
The ₹550 crore fresh issue has a clear technology and acquisition tilt. According to the DRHP:
- AI augmentation and technology in the Transaction Advisory business: ₹80 crore
- Technology solutions through ACP: ₹25 crore
- Technology solutions through Anacity (subsidiary): ₹15 crore
- Business strengthening and talent augmentation: ₹89.5 crore
- Acquisition of DSP Design Associates: ₹148 crore
- Unidentified acquisitions, strategic initiatives and general corporate purposes: the remaining amount (approximately ₹192.5 crore by calculation)
The combined technology spend of ₹120 crore signals that management is positioning Anarock as a technology-led real estate advisory group rather than a traditional brokerage. The DSP Design Associates line item follows Anarock's recent acquisition of a 51% stake in that architecture and design firm.
Financial snapshot (FY2026)
The DRHP reports the following restated consolidated figures for the financial year ending March 2026:
| Metric | FY2026 | Change |
|---|---|---|
| Revenue from operations | ₹881.89 crore | +33.83% year-on-year |
| Profit | ₹93.2 crore | +53% from ₹60.7 crore |
| Permanent employees (as of 31 March 2026) | 2,192 | — |
Both revenue and profit grew at a healthy clip in the latest year. As always, a single year of numbers tells only part of the story. Before any application decision, investors should look at the multi-year trend in the DRHP, margin stability, and how revenue holds up through slower property cycles. Our walkthrough on how to analyse IPO financials from the RHP covers what to look for.
Who is selling and who runs the company
Before the IPO, promoters Anuj Puri and Rohin Raja Shah together hold 66.41% of the company, with public shareholders owning the remaining 33.59%. The largest public shareholder is 360 ONE WAM, with 17.12% held across several schemes.
The DRHP names promoters Peter Properties Limited and Khushi Trust, along with investor selling shareholders including 360 ONE, as participants in the offer for sale. In 2024, Anarock had raised ₹200 crore from 360 One Asset Management to fund business growth, so part of this IPO gives those earlier investors a route to partial exit.
Book-running lead managers: ICICI Securities, IIFL Capital and 360 One WAM.
Registrar to the offer: KFin Technologies.
Company background
Anarock is a Mumbai-based real estate services company founded in 2017. It operates across the real estate lifecycle, offering advisory, management, research and valuation services, with technology woven through its operations. The group reportedly has around 2,300 employees working across tier-1 and tier-2 markets in India and the Middle East.
Its recent moves — the 360 One funding round, the DSP Design Associates stake, and the stated plan to invest heavily in AI — point to a strategy of broadening from pure transaction advisory into a wider, technology-backed services platform.
Key risks for investors to weigh
- Sector cyclicality. Real estate advisory revenue tends to rise and fall with the property cycle. A slowdown in transactions directly affects brokerage and advisory income.
- Technology dependence. A large share of fresh-issue proceeds is earmarked for AI and tech. Execution on these investments is not guaranteed to produce returns.
- DRHP is not the final offer. Price, final size and dates are all still open. SEBI may seek changes before approving the document.
- OFS-heavy component. With ₹450 crore of the ₹1,000 crore being an offer for sale, a meaningful portion of the raise does not flow into the business.
What is still unknown
At the DRHP stage, the following are not yet disclosed:
- Price band and lot size
- IPO opening and closing dates
- Subscription data across QIB, NII and retail categories
- Any grey market premium
Any number you see quoted for these right now would be speculation. It is worth understanding why — our explainer on what IPO GMP is and how it works notes that grey market activity typically begins only close to the subscription window, which has not been announced. You can track confirmed developments on our upcoming IPOs page.
FAQ
When is the Anarock IPO date?
The IPO date is not yet confirmed. Anarock filed its DRHP with SEBI on 30 September 2026. Opening and closing dates will only be announced after SEBI reviews the draft and the company files its Red Herring Prospectus with a price band.
What is the Anarock IPO price band?
The price band has not been disclosed. A price band is only set at the RHP stage, after SEBI clears the DRHP. Until then, no official price or lot size exists.
How big is the Anarock IPO?
The DRHP proposes a total issue size of ₹1,000 crore, made up of a fresh issue of up to ₹550 crore and an offer for sale of up to ₹450 crore. An optional pre-IPO placement of up to ₹110 crore could reduce the fresh issue if completed.
Is there a grey market premium for Anarock IPO?
No. A grey market premium cannot exist at the DRHP stage because there is no price band or subscription window yet. Any GMP figure quoted now would be unverified speculation.
Where will Anarock shares list?
The company has proposed listing its equity shares on both the BSE and the NSE, as stated in the DRHP.
Last reviewed: 2026-10-03. Figures are drawn from the DRHP filed with SEBI on 30 September 2026 and will be updated as the RHP and further details are released.