Godrej Properties, a unit of Godrej Industries, may hit the capital market with an initial public offer (IPO) in the next three months time.     

Recently, the company has got clearance for its Draft Red Herring Prospectus (DRHP) from SEBI. The company will utilize the IPO proceeds for developing new projects in the country.

Under the proposed IPO, the real estate company will offload 10 per cent equity shares to the public, while 3.5 per cent shares will be available as pre-IPO placement. Presently, Godrej Industries holds a little over 80% in Godrej Properties.     

The company, which is present in residential, commercial and retail spaces of real estate, may set up affordable housing projects in three cities.     

GPL has decided to develop projects in Ahmedabad, Kolkata and suburban Mumbai. The firm already has presence in Pune, Hyderabad, Kolkata, Mumbai and Bangalore.     

ICICI Securities and Kotak Mahindra will manage the upcoming issue.