Godrej Industries Ltd will take a decision on the intial public offering for its real estate unit Godrej Properties after the Indian market regulator clears the proposal, its chairman said on Thursday.

“We have filed a draft red herring prospectus, we have not got it back from SEBI (the Securities and Exchange Board of India),” Adi Godrej told reporters on the sidelines of an industry conference.

“As and when we get it approved by SEBI we will decide based on market conditions,” Godrej added.

“Currently as you know IPOs are difficult. There are hardly any IPOs being made,” Godrej said, when asked whether he would consider stalling the plan due to the adverse market conditions.

Godrej said he would study market conditions and then take a decision on the IPO. “Hopefully things will change,” he said.

Godrej Properties had filed initial papers with the market regulator for an initial public offer of at least 6.99 million shares in May. The firm has hoped to complete the offer by September this year.

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