Sahara Prime IPO after market improves for real estate: Roy

MUMBAI: Sahara India Group will wait for the market conditions to turn favourable for the real estate sector before taking its realty arm public, a top company official said.

Sahara's real estate company, Sahara Prime City Ltd ( SPCL), has been mulling an Initial Public Offering ( IPO) to raise funds from the capital market for quite some time.

The company had filed DRHP with SEBI last October but did not go ahead with the IPO due to bearish conditions.

"The market is not good for real estate sector at this moment. So we are not taking much interest in this (proposed IPO)," Sahara India Group's Chief, Subrata Roy, told PTI on the sidelines of an event here.

"Moreover, if you get permission (from SEBI), then you get limited time to hit the market," Roy said.

SPCL through its wholly owned subsidiary, owns and operates Sahara Hospital and through another subsidiary operates the Sahara Star hotel in Mumbai.

Besides Sahara, other real estate developers such as Lodha Developers, Ambiance, Supertech and Emaar MGF also have plans to come out with public issues and waiting for opportune time.