Sahara Prime City, the real estate company of Your browser may not support display of this image. Sahara India Pariwar, has notified that company has filed the draft red herring prospectus (DRHP) with the market regulator SEBI for its initial public offering (IPO).

The company plans to raise Rs 3,450 crore via IPO.

A company official, who did not want to be identified, has informed that company will utilize the funds raised from the IPO to develop townships in 99 cities across India.

It should be noted that Sahara Prime City will be the third Sahara group entity to enter the capital market after Sahara Housing Finance Corp Ltd and Sahara One Media and Entertainment Ltd.

Sources reported that company has appointed Kotak, Enam and JM Financial as Investment Bakers for the public issue.