Casagrand Premier Builder has filed its draft red herring prospectus (DRHP) with the securities and exchange board of India (SEBI) to raise Rs 1,100 crore through an initial public offering (IPO).
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 of up to Rs 100 crore by Promoter Selling Shareholders.
The company has a market share of approximately 24% in terms of launches and approximately 20% in terms of demand during the period January 1, 2017 to March 31, 2024.
The offer for sale consists of the sale of equity shares up to Rs 50 crore each by Arun MN and Casagrand Luxor.JM Financial, and Motilal Oswal Investment Advisors are the book-running lead managers to the issue and KFin Technologies is the registrar to the offer.
The company in consultation with the book-running lead managers may consider a further issue of equity shares through a preferential offer or any other method aggregating up to Rs 200 crore, as pre-IPO placement shall not exceed 20% of the size of the fresh issue.
The proceeds from the fresh issue to the extent of Rs 150 crore will be used for prepayment or repayment, in full or in part, of all or a portion of certain outstanding borrowings availed by the company, Rs 650 crore for prepayment or repayment, in full or part, of all or a portion of certain exceptional borrowings availed by its wholly-owned subsidiaries.
The company has also extended its operations to cities like Bengaluru, Hyderabad, and Coimbatore.
As of May 31, 2024, the company had completed 101 projects with a saleable area of 21.45 million sq ft, was working on 42 ongoing projects spanning 33.60 million sq ft, and had 17 upcoming projects with an estimated saleable area of 13.15 million sq ft.
In FY24, it achieved pre-sales volumes of 7.24 million sq ft of saleable area.
Casagrand Premier’s revenue from operations increased at a CAGR of 18.02% from Rs 1,876.82 crore in FY22 to Rs 2,613.99 crore in FY24. Profit after tax increased from Rs 146.08 crore in FY22 to Rs 256.95 crore in FY24 at a CAGR of 32.63%.
