Anarock IPO: Date, DRHP Details and ₹1,000 Crore Issue of Anarock Property Consultants
Real-estate advisory firm that sells homes for developers, advises on commercial and land deals, and manages construction projects and fit-outs.
Quick verdict: Anarock IPO is at the DRHP stage (filed 30 Sep 2026) and awaits SEBI. Issue size: ₹1,000 cr (₹550 cr fresh + ₹450 cr OFS). FY26 net profit: ₹93.2 cr. Price band: not announced. No Scouter Reading before a price band.
A profitable, fast-growing advisory business, but profit is not yet turning into cash, and much of the fresh money goes to acquisitions. Dates depend on SEBI’s review.
Based on SEBI filings and public reports as of 8 November 2026. Not investment advice. Issues without a price band are not given a Scouter Reading.
Where the IPO stands
No IPO date, price band or lot size has been announced as of 8 November 2026.
Data as of 9 November 2026, 01:00 IST. Confirmed = DRHP or SEBI records. Reported = media summaries of the DRHP. Calculated = our arithmetic.
The Anarock IPO has no date yet. Anarock Property Consultants, the Mumbai real-estate advisory firm led by Anuj Puri, filed its draft red herring prospectus (DRHP) with SEBI at the end of September 2026 for a ₹1,000 crore IPO (Confirmed). It combines a ₹550 crore fresh issue with a ₹450 crore offer for sale by existing shareholders. Price band, lot size and dates will come only after SEBI’s observations and a red herring prospectus.
Anarock IPO details
| Total issue | Up to ₹1,000 crore |
| Fresh issue | Up to ₹550 crore |
| Offer for sale | Up to ₹450 crore by existing shareholders |
| Pre-IPO placement | Up to ₹110 crore; would reduce the fresh issue |
| Face value | ₹1 per share |
| Lead managers | ICICI Securities, IIFL Capital Services, 360 ONE WAM |
| Registrar | KFin Technologies |
| Price band, lot size, dates | Not announced as of 8 November 2026 |
Where the fresh money goes
| Object | ₹ crore |
|---|---|
| Remaining stake in DSP Design Associates (excluding the ESOP pool) | 148.0 |
| AI augmentation and technology across business lines | About 120 |
| Talent augmentation and new specialised services | 89.5 |
| Unidentified acquisitions, strategic initiatives, general corporate purposes | Balance |
The DSP Design line is the biggest single item. On 27 September 2026, three days before filing, Anarock bought a 53.68% controlling stake in the architecture and design firm for ₹64.01 crore (Reported, IANS via Free Press Journal). The IPO would fund buying the rest. Because the deal closed after the financial year, DSP is not in the restated FY26 numbers.
What Anarock does
Anarock started as a residential sales partner for developers: it markets and sells homes in new projects and earns a commission. It has since added commercial leasing, land and capital-markets advisory, and management services, which cover project management, base-build and corporate fit-outs and, with DSP, architecture and design (Reported). It also runs technology businesses such as Anacity. Promoters include Anuj Puri and Rohin Raja Shah (Reported).
Anarock financials: growing profit, negative cash flow
| ₹ crore | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from operations | 509.2 | 658.95 | 881.90 |
| Net profit | 44.9 | 60.78 | 93.22 |
| Net margin | 8.8% | 9.2% | 10.6% |
Growth is strong: revenue up about a third in FY26, profit up about 53%. The weak spot is cash. Operating cash flow was negative ₹12.07 crore in FY26 because receivables jumped to ₹464.21 crore (Reported, IANS). That is more than half of a year’s revenue still owed to Anarock (Calculated: about 53%), equal to roughly 190 days of sales. In real-estate services this usually reflects developers paying commissions slowly or only at later project milestones. Investors should check the DRHP’s receivables ageing and any provisions for doubtful dues.
Three things to check when the RHP arrives
- Receivables ageing: how much of the ₹464 crore owed is more than six months old, and how much has been provided for.
- DSP Design in the numbers: the deal closed after FY26, so pro forma statements should show how much revenue, profit and debt it adds. IPO Guru reported that the pro forma balance sheet carries about ₹52 crore of DSP’s borrowings.
- Who is selling: the RHP will name the selling shareholders and how many shares each sells in the ₹450 crore OFS, which shows whether early investors or promoters are cutting their stakes.
Anarock balance sheet and returns
Anarock has no borrowings, and its equity base has grown steadily. Net worth rose to ₹651.64 crore at March 2026 from ₹398.08 crore two years earlier (Reported, from the DRHP). Return on net worth improved to 14.45% in FY26 from 11.17% in FY25.
| ₹ crore | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from operations | 509.23 | 658.95 | 881.90 |
| Net profit | 44.94 | 60.78 | 93.22 |
| Net margin (Calculated) | 8.8% | 9.2% | 10.6% |
| Net worth | 398.08 | 540.57 | 651.64 |
| Borrowings | Nil | Nil | Nil |
However, a debt-free balance sheet does not mean strong cash generation. As noted above, operating cash flow turned negative in FY26 because receivables rose sharply. Therefore, collection from developers is the number to watch in the RHP.
Anarock IPO valuation and GMP
No valuation, price band or GMP exists yet. Anarock has no exact listed twin in India; the closest comparisons are listed real-estate services and facility-management companies, and, for the brokerage business, global property-services firms. Any grey-market figure before a price band is not linked to a real offer; see what IPO GMP means.
Anarock IPO review: strengths and risks
Strengths
- A well-known brand in Indian real-estate advisory with a broad service range.
- Consistent growth in revenue and profit, with margins improving.
- Asset-light model: little capital needed beyond people and technology.
Risks
- Cash conversion: negative operating cash flow and receivables over half of revenue.
- Property-cycle exposure: commissions depend on new home launches and sales, which swing with interest rates.
- Acquisition-led spending: ₹148 crore for DSP plus an unspecified sum for future deals carries integration risk.
- OFS: ₹450 crore of the issue goes to selling shareholders, not the company.
What happens next
- SEBI’s observations on the draft.
- Any pre-IPO placement of up to ₹110 crore.
- The RHP, which should include DSP Design in pro forma numbers, plus the price band and dates. We will update this page then; see IPOs with confirmed dates meanwhile.
Anarock IPO: frequently asked questions
When is the Anarock IPO date?
Not announced as of 8 November 2026. Anarock Property Consultants filed its DRHP at the end of September 2026; dates will follow SEBI’s observations and a red herring prospectus.
What is the Anarock IPO size?
Up to ₹1,000 crore: a fresh issue of ₹550 crore and an offer for sale of ₹450 crore. A pre-IPO placement of up to ₹110 crore would reduce the fresh issue.
What will Anarock do with the IPO money?
₹148 crore to buy the rest of DSP Design Associates, about ₹120 crore for AI and technology, ₹89.5 crore for hiring and new services, and the balance for acquisitions and general corporate purposes.
Who are the lead managers for the Anarock IPO?
ICICI Securities, IIFL Capital Services and 360 ONE WAM, with KFin Technologies as registrar.
Does Anarock have any debt?
No. The DRHP shows nil borrowings at the end of FY24, FY25 and FY26 (Reported).
Is Anarock profitable?
Yes. Net profit rose to ₹93.22 crore in FY26 from ₹60.78 crore in FY25, on revenue of ₹881.90 crore (Reported, from the DRHP).
Why is Anarock’s operating cash flow negative?
Trade receivables rose to ₹464.21 crore in FY26, so operating cash flow was minus ₹12.07 crore even though profit grew (Reported).
What is the retail quota in the Anarock IPO?
The DRHP reserves not less than 35% of the net offer for retail investors and not less than 15% for non-institutional investors (Reported).
Sources: SEBI public issue filings (Anarock Property Consultants DRHP) · Business Today · Free Press Journal (IANS) · FinTech BizNews · Kotak Neo · NewsBytes
Disclaimer: This article is for information and education only and is not investment advice. Draft terms can change in the red herring prospectus.
