Oberoi Constructions to raise $300-500 million through IPO

According to Vikas Oberoi, managing director, Oberoi Constructions, the company plans to issue new shares between January-March 2010 and the proceeds from the IPO will be used to expand its portfolio.

"We have not finalized anything yet as they are still on the drawing board," Oberoi said. "But we will tap the market early next year."

The company, in which Morgan Stanley has invested $152 million for acquiring "less than 10 percent" stake, manages a portfolio of 26 projects spanning across residential, commercial and retail properties in Mumbai.

The company, which is developing 4 million sq ft of property and plans to add another 4 million sq ft in the near future, has signed property deals worth $100 million since April, Oberoi said.