Casagrand Premier Builder has filed a draft pink herring prospectus (DRHP) with markets regulator SEBI to boost ₹1,100 crore.
About ₹150 crore from the proceeds might be used to clear sure excellent money owed availed by the corporate and ₹650 crore by its wholly owned subsidiaries and step-down subsidiaries, the residential sector developer mentioned in an announcement.
The IPO includes recent concern of ₹1,000 crore and a suggestion on the market of ₹100 crore by the promoter promoting shareholders.
Casagrand, in session with the book-running lead managers, might think about an extra concern of fairness shares via a preferential provide or every other methodology aggregating as much as ₹200 crore, as pre-IPO placement, which shall not exceed 20% of the scale of the recent concern. If such placement is accomplished, the recent concern measurement might be lowered, it mentioned.
The well-known residential model in Chennai has a market share of 24% by way of launches and 20% by way of demand from January 2017 to March 2024. In FY24, it achieved pre-sales volumes of seven.24 million sq. ft of saleable space.
Casagrand has operations in Chennai, Bengaluru, Hyderabad and Coimbatore. As of Might 2024, the corporate had accomplished 101 initiatives with a saleable space of 21.45 million sq. ft, has 42 ongoing initiatives spanning 33.60 million sq. ft, and 17 upcoming initiatives with an estimated saleable space of 13.15 million sq. ft.
Casagrand has accomplished two warehousing initiatives at Chennai and is into business workplace area phase.
In FY22, it reported a income of ₹1,877 crore and a internet revenue of ₹146 crore in opposition to ₹2,614 crore and ₹257 crore respectively in FY24.
Printed – September 24, 2024 08:54 pm IST
