Proptech platform, Square Yards, is planning on an Initial Public Offering (IPO) through to offer Rs.1000 crores or more, joining several other technology companies that are also planning to list.

The proposed IPO makes the firm as the first start up from the real estate to go public.

Word on the street is that the company has appointed Axis Capital as the lead banker for its IPO. More banks are expected to be hired later on. The exact figures of the share sale have not been decided yet, as the transaction is not likely to take place immediately. However, it is likely to be at least Rs.1, 000 crore and it will be a mix of primary and secondary share sales. Capital will mostly be used for both organic and inorganic growth opportunities.

Square Yards is an integrated platform for real estate and mortgages and is also scaling up the business through international operations in the UAE, the rest of West Asia, Australia and Canada. Firm covers the full real-estate journey from search and discovery, transactions, home loans, interiors, rentals, property management and post-sales service. It offers fully integrate buyers to an extensive network of more than 500 partner real estate developers, 150,000 agents and 100 lenders. The company is also building B2B software-as-a-service platforms for developers, banks and agents.

Square Yards had raised $25 million in growth financing from Hong Kong-based investment manager ADM Capital in last year.

Square Yards recently acquired platform capabilities in rentals and property management, data intelligence and virtual reality, and also launched the full-service platform offering home furnishing and home interior services.

According to firm in the June quarter, the proptech start-up saw its revenue rise 50 percent year-on-year to Rs.100.8 crore, with a positive operating profit run rate.