IPO Watch, Sept. 8 -- Shivalaya Construction Ltd has filed its draft red herring prospectus (DRHP) with the capital market regulator, Securities and Exchange Board of India (SEBI), for an initial public offering (IPO).

The offer, valued at Rs.2 per share, consists of a new issuance of shares totaling Rs.450 crore along with an offer-for-sale of up to 24,861,900 shares made by promoters - Shripal Aggarwal, Pradeep Nandal, Sumitra Nandal, S P Aggarwal & Sons (HUF), and Pradeep Nandal.

Additionally, the offer features a reserved subscription for eligible employees, with a discount available for those participating in the employee reservation segment.

The funds raised from the issuance of fresh shares amounting to Rs.450 crore will be allo...