Chennai's residential brand Casagrand refiles draft papers for Rs 1,220-crore IPO, ups offer size

Casagrand IPO

Chennai-based real estate firm Casagrand Premier Builder has refiled Draft Red Herring Prospectus (DRHP) with the revised initial public offering size of Rs 1,220 crore for the debt reduction.

The company that claims the largest developer in residential sector in Chennai proposed to raise Rs 1,200 crore via fresh issue, while promoters Arun MN, and Casagrand Luxor will be selling up to shares worth Rs 20 crore via offer-for-sale, as per the draft papers filed with SEBI on December 24, 2025.

The total offer size has been increased from Rs 1,100 crore earlier which comprises of fresh issue of Rs 1,000 crore, and an offer-for-sale of shares worth Rs 100 crore. Earlier it had filed DRHP in September 2024 which was later withdrawn by the company in January 2025.

As per the latest filing, Casagrand, the residential brand in Chennai, may consider raising up to Rs 240 crore in pre-IPO placement which is a part of fresh issue component.

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The company intends to utilise Rs 900 crore of fresh issue proceeds for repaying certain debt and the remaining funds for general corporate purposes.

As of September 2025, the total outstanding borrowings of the company and its subsidiaries stood at Rs 4,913.6 crore, on a consolidated basis.

Apart from Chennai, Casagrand also operates in Bengaluru, Hyderabad and Coimbatore, having completed 103 projects with a saleable area of 21.79 million square feet as of June 2025. Currently, it has 57 ongoing projects with a saleable area of 44.10 million square feet and 21 forthcoming projects with an estimated saleable area of 23.81 million square feet.

The company has realised pre-sales volumes of 9.72 million square feet of saleable area or 6,234 units for the year ended March 2025, increasing from 7.24 million square feet of saleable area or 4,872 units in the previous year. The pre-sales volumes for the June 2025 quarter were 4.37 million square feet of saleable area or 2,525 units.

On the financial front, its profit declined 7.6 percent to Rs 235.6 crore in the fiscal 2025, declining from Rs 254.8 crore in the previous year. Revenue during the same period increased 3.1 percent to Rs 2,696 crore, up from Rs 2,614 crore. Loss in the June 2025 quarter stood at Rs 32.4 crore on revenue of Rs 172.1 crore.

Motilal Oswal Investment Advisors, and DAM Capital Advisors are appointed as the merchant bankers for the Casagrand IPO.