Neptune Developers is a Mumbai-based realty firm. The company informed the market (BSE) that they have filed draft red herring prospectus DRHP with market regulator SEBI to float an IPO for raising Rs 495 crore.

The proceeds of the IPO would be used to meet 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.

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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