(Bloomberg) -- The Indian developer of the world's tallest residential tower in Mumbai is planning an initial public offering that may raise as much as $1 billion, said people with knowledge of the matter.
The sale may value Lodha Developers Pvt. at as much as $10 billion, according to one of the people.
Shares of the Mumbai-based company will probably start trading next year, two of the people said, asking not to be identified as the deliberations are confidential.
Lodha is seeking a listing after home prices in Mumbai, the country's financial capital, more than doubled in the five years through March, according to data from Liases Foras Real Estate Rating & Research Pvt.
A $1 billion IPO would be India's biggest since 2010, when state-owned miner Coal India Ltd.’s share sale raised $3.4 billion, data compiled by Bloomberg show.
The company is building the 117-story World One residential tower, which it says will be the world's tallest at 1,390 feet, according to its website.
The development, which will feature apartments outfitted by Giorgio Armani SpA's interior design brand, is located in central Mumbai’s Lower Parel district near the offices of Morgan Stanley and KKR & Co. (NYSE: KKR).
Lodha may be competing for stock market funding with the Indian government, which is planning to reduce its stakes in state-owned companies including Coal India and Power Finance Corp., said P. Phani Sekhar, a Mumbai-based fund manager at Angel Broking Ltd.