Mumbai real estate developer Wadhwa Group confidentially files for IPO

As per the latest business developments, Wadhwa Group Holdings Ltd, the holding firm of Mumbai-based real estate developer The Wadhwa Group, has confidentially filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India for a proposed initial public offering (IPO), marking the group’s move towards accessing the public markets.

The firm has not yet disclosed the size or structure of the proposed offering. Details on the fresh offering, offer for sale, valuation and proposed use of proceeds are anticipated to be set out in subsequent regulatory filings.

Moneycontrol first noted in April 2025 that Wadhwa Group was planning to mobilize up to Rs 2,500 crore through an IPO.

The confidential filing route allows a firm to submit draft IPO papers to SEBI for review without immediately disclosing the document or sensitive offering details to the public.

Wadhwa Group Holdings was incorporated in 1982 and is promoted by the Wadhwa Group Family Trust. The firm is at present led by managing director Navin A. Makhija.

The group traces its origins to late Vasudev C. Wadhwa, who moved from Mathura to Mumbai in 1964. He began by developing industrial estates before moving into high-climb buildings, laying the foundation for the real estate business that became The Wadhwa Group.

The business was subsequently led by Vijay V. Wadhwa, now chairman and non-executive director of Wadhwa Group Holdings. Makhija, Vijay Wadhwa’s son-in-law, has emerged as the group’s principal executive and oversees its expansion and business strategy.

The family-run developer underwent a significant restructuring more than a decade ago. In 2014, Vijay Wadhwa divided responsibilities and projects between Makhija and his relative Sanjay Chhabria, who was then a managing director of the group. Chhabria subsequently left after a two-decade stint with the group and established Radius Developers.

Data based on financial filings reveals Wadhwa Group Holdings noted topline of around Rs 1,047.5 crore in FY25, up around 25 percent from the previous year. The firm has six subsidiaries, according to MCA corporate data.

The Wadhwa Group has a presence across residential, commercial and township development in the Mumbai Metropolitan Region. The firm says its completed, ongoing and future developments span around 45 million sq ft across more than 250 projects, with a customer base of over 35,000 and more than 150 multinational corporations among its clientele.

The firm’s portfolio includes commercial assets such as The Capital and Platina in Bandra-Kurla Complex, while its residential projects include The Address in Ghatkopar, Anmol Fortune in Goregaon, W54 in Matunga, Solitaire in Powai and Aquaria Grande in Borivali.

The group is additionally developing projects including Atmosphere O2 in Mulund, Dukes Horizon in Chembur, Pristine in Matunga, Magnolia and Wadhwa Wise City in Panvel. Wise City is an integrated township development where the group has so far delivered over 3,000 homes.

The proposed IPO comes amid a steady flow of Mumbai-focused real estate developers accessing the public markets to reduce debt, acquire land and fund new projects.

Lodha Developers Limited boosted Rs 2,500 crore through its IPO in 2021, followed by Rustomjee Group’s Keystone Realtors, which boosted Rs 635 crore in 2022. Mumbai-focused Arkade Developers boosted Rs 410 crore through a fresh offering in 2024 to fund ongoing and upcoming projects and acquire land.

In 2025, Kalpataru boosted Rs 1,590 crore through an entirely fresh offering, with a large part of the proceeds earmarked for debt repayment. More recently, Runwal Enterprises rolled out a Rs 500-crore fresh offering in September 2026, additionally proposing to use part of the proceeds to repay borrowings.

With its proposed IPO, Wadhwa Group Holdings would join this expanding group of family-owned Mumbai developers turning to public equity to strengthen their balance sheets and fund expansion.