Casagrand Premier Files for Rs.1,100 Crore IPO
Real Estate

Casagrand Premier Files for Rs.1,100 Crore IPO

Chennai-based real estate developer Casagrand Premier Builder Limited has submitted its draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) to raise Rs.11 billion through an initial public offering (IPO). The filing occurred on September 19, according to an official company statement.

Casagrand, a prominent player in Chennai’s residential market, commands a market share of 24% in terms of launches and 20% in terms of demand from January 2017 to March 2024. The IPO will consist of a fresh issue of equity shares valued at Rs.10 billion, alongside an offer for sale amounting to Rs.1 billion by Promoter Selling Shareholders. Additionally, the company may consider a pre-IPO placement of up to Rs.2 billion, which could potentially reduce the size of the fresh issue.

Funds raised from the IPO will be directed towards prepaying borrowings and covering general corporate purposes, with Rs.1.5 billion earmarked for loan repayments and Rs.6.5 billion designated for subsidiaries' borrowings.

Established in 2003, Casagrand has successfully completed 101 projects across Chennai and other South Indian cities. The company has demonstrated steady revenue growth, with FY 2024 reporting revenues of Rs.26.14 billion and profits of Rs.2.57 billion.

Chennai-based real estate developer Casagrand Premier Builder Limited has submitted its draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) to raise Rs.11 billion through an initial public offering (IPO). The filing occurred on September 19, according to an official company statement. Casagrand, a prominent player in Chennai’s residential market, commands a market share of 24% in terms of launches and 20% in terms of demand from January 2017 to March 2024. The IPO will consist of a fresh issue of equity shares valued at Rs.10 billion, alongside an offer for sale amounting to Rs.1 billion by Promoter Selling Shareholders. Additionally, the company may consider a pre-IPO placement of up to Rs.2 billion, which could potentially reduce the size of the fresh issue. Funds raised from the IPO will be directed towards prepaying borrowings and covering general corporate purposes, with Rs.1.5 billion earmarked for loan repayments and Rs.6.5 billion designated for subsidiaries' borrowings. Established in 2003, Casagrand has successfully completed 101 projects across Chennai and other South Indian cities. The company has demonstrated steady revenue growth, with FY 2024 reporting revenues of Rs.26.14 billion and profits of Rs.2.57 billion.

Next Story
Real Estate

Mahindra Lifespaces Bags Rs 12.5 billion Redevelopment in Mulund

Mahindra Lifespace Developers (MLDL), the real estate and infrastructure development arm of the Mahindra Group, has been appointed as the preferred developer for the redevelopment of a premium housing society in Mulund (West), Mumbai. The project will be developed across a 3.08-acre land parcel, with an estimated development value of approximately Rs 12.5 billion. Strategically located, the site enjoys proximity to major connectivity points—just 1.4 km from the upcoming Mumbai Metro Line 5 and 0.8 km from the Goregaon-Mulund Link Road. It also offers seamless access to the Eastern Expre..

Next Story
Infrastructure Urban

Snowman Adds Warehouses in Kolkata and Krishnapatnam

Snowman Logistics, India’s leading integrated temperature-controlled logistics company, has announced the commencement of operations at its two new state-of-the-art, owned cold storage facilities in Kolkata and Krishnapatnam. With these additions, the company’s total pallet capacity has reached 1,50,754, spanning 43 warehouses in 20 cities across the country. The newly operational Kolkata facility offers a storage capacity of 5,630 pallets, while the Krishnapatnam facility holds 3,927 pallets. These warehouses are equipped with advanced automation and infrastructure designed to enhanc..

Next Story
Resources

Noesis Enables IHCL Hotel Deal in Udupi–Manipal Corridor

NOESIS Capital Advisors, India’s leading hotel investment advisory firm, has successfully facilitated a landmark hospitality transaction in the Udupi–Manipal region of Karnataka. The deal involves the acquisition of a nearly completed, 130-key upscale hotel that will operate under one of the premium brands of IHCL, reinforcing NOESIS’ position as a preferred partner for strategic hospitality transactions across India. Strategically located on the Udupi–Manipal Highway, the 1.03-acre property will cater to business travellers, pilgrims and families visiting Manipal University. With..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?