Realty developer CASAGRAND plans for Rs 1000 cr IPO

Realty developer CASAGRAND plans for Rs 1000 cr IPO thumbnail

Bengaluru: Chennai-based real estate developer Casagrand plans to raise around Rs 1000 crore through an initial public offering to fuel its growth plans next year.

The company plans to strengthen its presence in Bangalore and enter the Hyderabad market with an initial investment of Rs 1500 crore. These two markets will contribute 35 per cent, while Chennai will contribute 65 per cent of its total revenue.

“We plan to acquire a total land parcel worth of potential turn over of Rs 10,000 crore and have already acquired Rs 6000 crore worth turnover last year,” said Arun MN, Founder and Managing Director, Casagrand.

The firm has appointed Motilal Oswal and JM as bankers for IPO.

Recently, Casagrand has received funding of 1200 crore from International investors like Apollo Global and KKR.

It aims to achieve a sales target of Rs 3750 crore this fiscal as compared to Rs 2300 crore last year. It also plans to establish sales offices in the USA and Dubai.

“We were successful in achieving the sales targets after resuming the operations post lockdown,” said Arun MN.

The company will develop affordable and mid-luxury apartments, villas with an average ticket size of Rs 85 lakh. However, the company intends to create more affordable houses ranging between Rs 25-45 lakh.

The residential focus real estate firm will add 25 million sq. by 2024 and 5 mn sqft of office projects. Additionally, its warehousing segment will develop 10-12 mn sqft of industrial warehousing and 2000 beds co-living spaces.

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