Bengaluru developer in early talks with bankers for RMZ Corp IPO; would be biggest realty float since DLF’s 2007 listing
RMZ Corp is considering an initial public offering of around USD 1 billion (~INR 9,000 crore) and has begun preliminary discussions with bankers, according to a report. If it proceeds, the float could be India’s largest real estate IPO since DLF’s INR 9,188 crore debut in 2007, according to media reports. The timing is likely in 2026, and key terms may still shift. The Bengaluru-based developer has not yet mandated advisers and is weighing deal structure options, the reports added.
Expansion Push & Past Portfolio Moves
Owned by brothers Raj and Manoj Menda, RMZ has repositioned itself as an integrated platform across offices, mixed-use, hospitality and residential. In late 2023, the group outlined plans to lift asset value to USD 40 billion (~INR 3.59 lakh crore) by 2029, adding USD 25 billion (~INR 2.24 lakh crore) through diversification and new vertical leadership. “This strategic transformation underscores the family’s unwavering commitment to growth and expansion,” the Menda brothers said at the time.
RMZ has also recycled capital through large asset sales. In 2020, it sold about 12.5–12.8 million sq ft, including co‑working unit CoWrks, to a Brookfield-managed fund for USD 2 billion (~INR 18,000 crore), a deal it said helped turn the firm debt‑free. In August 2024, RMZ and CPP Investments sold an office asset in Chennai to Singapore’s Keppel for USD 264 million (~INR 2,375 crore).
Market Backdrop Turns Supportive
Primary markets remain buoyant. Indian IPO fundraising has already surpassed last year’s tally, with a strong 2026 pipeline also expected; a Jio Platforms listing is among the larger deals watched. If RMZ lists, the offer would ride this momentum and mark the biggest realty IPO since DLF 2007.
Commercial real estate demand has also been resilient. Office leasing hit record levels in 2025, led by Bengaluru, with gross absorption and new supply both rising, according to consultancy data. “Record‑breaking performance reflects the resilience and evolving dynamics of India’s commercial real estate sector,” said Anshuman Magazine, Chairman & CEO, CBRE India, South‑East Asia, Middle East & Africa.
Verdict
Consultants point to Bengaluru’s depth and the flight‑to‑quality trend as tailwinds for Grade‑A developers. “Bengaluru’s office market dominance reflects India’s evolving economic landscape,” said Rahul Arora, Head – Office Leasing & Retail Services, JLL India, noting multi‑quarter strength in leasing.
Watch Points & Alternatives
Deal contours will hinge on valuations, leverage, and growth capital needs across RMZ’s newer verticals. Developers also have the option of monetising assets via REITs and the emerging small‑and‑medium REIT (SM‑REIT) framework, which CBRE estimates could unlock a market of more than USD 75 billion over time. Regulatory clearances and adviser appointments will determine RMZ’s next steps.
RMZ Corp IPO: At a Glance
- Issue size under consideration: up to USD 1 billion (~INR 9,000 crore).
- Earliest timeline: 2026; advisers yet to be appointed.
- Would be the largest Indian realty IPO since DLF’s 2007 listing.
- RMZ plans to lift asset value to USD 40 billion by 2029.
- Capital recycling: USD 2 billion Brookfield sale (2020); USD 264 million Chennai asset sale (2024).
- Office market tailwinds: record 2025 leasing; Bengaluru leads.
Bottomline: RMZ Corp IPO would test investor appetite for a diversified private developer at a time when office demand and the IPO cycle are both running hot. Execution will depend on mandate selection, regulatory milestones and market windows through 2026.
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