Real estate developer Puranik Builders has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO).

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The IPO comprises fresh issue of shares worth Rs 510 crore and an offer for sale up to 945,000 equity shares by the company's promoters group, according to the draft papers filed with Securities and Exchange Board of India (Sebi) on Monday.

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As a part of the offer for sale, Ravindra Puranik and Gopal Puranik will offload up to 4,72,500 equity shares each.

The Mumbai-based residential real estate developer may consider a pre-IPO placement aggregating for up to Rs 150 crore. If such placement is undertaken, the amount raised will be reduced from the fresh issue.

Proceeds of the issue will be utilised towards repayment of loan and other general corporate purposes.

In addition, the company plans to receive the benefits of listing of its equity shares on the stock exchanges.

Puranik Builders has a presence of over 31 years in the real estate market in India, developing residential projects in the mid-income affordable housing segment in the Mumbai Metropolitan Region and Pune Metropolitan Region real estate markets.

Elara Capital (India) Private Limited and YES Securities (India) Limited are book running lead managers to the issue. Shares of the company will be listed on BSE and National Stock Exchange.

This will be the company's third attempt to go public. Earlier in November 2019, Puranik Builders had filed papxers with Sebi to float an initial share-sale and had received the regulator's clearance to launch the public issue but did not go ahead with the plans then.

Prior to that, the residential real estate developer had approached Sebi with its IPO papers in June 2018.