Business

Casagrand to raise about ₹800 crore via IPO

Real estate developer Casagrand said it aims to raise about ₹800 crore next year via an initial public offering (IPO). The proposed IPO will lead to dilution of 15% stake, the company said. Motilal Oswal and JM have been appointed as bankers for the IPO. Recently, Casagrand received a funding of ₹1,200 crore from international investors Apollo Global and KKR. The company is estimated to be valued in the range of ₹5,000-6,000 crore.

“Casagrand is planning to tap the capital market over the next 12-18 months to fuel its growth plans. We are among the top five developers in the South and are planning to be among the top five in the country,” Arun Mn, founder and MD told reporters.

“We have developed the bandwidth and carry the relevant numbers to mobilise public money for the projects in the coming years,” he said.

In order to fuel its growth plans, Casagrand plans to acquire total land parcel with a potential turnover ₹10,000 crore during the current fiscal against ₹6,000 crore acquired in the year-earlier period, he said.

Prior to approaching the capital market, Casagrand is planning to strengthen its presence in Bengaluru and enter Hyderabad market with an initial investment of ₹1,500 crore. It is also planning to open sales office in the U.S. and Dubai.

According to Mr. Arun, Casagrand aims to achieve sales target of ₹3,750 crore in the current fiscal against ₹2,300 crore. Bengaluru and Hyderabad would contribute 35% of it and Chennai 65%, he added.


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Printable version | Dec 9, 2021 4:31:15 AM | https://www.thehindu.com/business/casagrand-to-raise-about-800-crore-via-ipo/article36639414.ece

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