Mumbai-based realty firm, Neptune Developers has filed a draft red herring prospectus (DRHP) with Securities & Exchange Board of India (SEBI) for Rs 495 crore IPO.

Biggest shareholders in the company are NMS Holdings Pvt Ltd (32.98% stake), Nayan Bheda (15.77%), Sachin Deshmukh (15.16%), IndiaREIT Enterprises Holdings Limited (10.97%), Alpex International (7%), Nayan Shah (6%) and Mahesh Shetty (6%).

It intends to use IPO proceeds for meeting expenses of construction and development of certain of ongoing and forthcoming projects; increasing equity shareholding in associate company, Neptune Realtors Private Limited and funding subsidiary for part repayment of its loan.

As at November 30, 2009, it had three completed projects with a total developable area of more than 14 lakh sq ft and a total saleable area of 14.47 lakh sq ft. In addition, it had seven ongoing projects with a total developable area of over 85 lakh sq ft and a total saleable area of over 64.50 lakh sq ft, eight forthcoming projects with a total developable area of over 267 lakh sq ft and a total saleable area of 249.55 lakh sq ft and one proposed project with a developable area of 7.66 lakh sq ft.

For the year ended March 31, 2009, the company has reported net profit of Rs 9.16 crore on total income of Rs 15.92 crore. For the period of three months ended on June 2009, it has posted net profit of Rs 3.75 crore on total income of Rs 5.49 crore; it has debt of Rs 319.64 crore. The book running lead manager to the issue is Enam Securities Private Limited and Link Intime India Private Limited is the registrar.

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