CHENNAI: Casagrand Premier Builder Limited, a Chennai-based residential developer, has filed a draft red herring prospectus (DRHP) with market regulator SEBI to raise Rs 1,100 crore through initial public offering (IPO) . The developer has a market share of nearly 24% in terms of launches and about 20% in terms of demand during the period from January 1, 2017 to March 31, 2024.
The IPO with a face value of Rs 2 per equity share is a mix of fresh issue of up to Rs 1,000 crore and an offer for sale (OFS) of up to Rs 100 crore by promoter selling shareholders. The OFS consists of sale of equity shares up to Rs 50 crore each by Arun MN and Casagrand Luxor.
Incorporated in 2003, under the leadership of Arun, Casagrand has expanded its presence across key micro-markets in Chennai, offering a diverse range of residential projects. These include apartments of various sizes and independent villas, catering to luxury, mid-range, and affordable segments, all under the “Casagrand” brand, with a particular focus on mid-range offerings.
Casagrand has extended its operations to other South Indian cities like Bengaluru, Hyderabad and Coimbatore. As of May 31, 2024, it had completed 101 projects with a saleable area of 21.45 million square feet and was working on 42 ongoing projects spanning 33.60 million square feet, and had 17 upcoming projects with an estimated saleable area of 13.15 million square feet. The company, in consultation with the book-running lead managers, may consider a further issue of equity shares via a preferential offer or any other method aggregating up to Rs 200 crore.