Casagrand Premier Files for Rs.1,100 Crore IPO

24 Sep 2024 CW Team

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.

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