Chennai-headquartered real estate developer Casagrand Premier Builder has refiled its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI), revising its proposed initial public offering (IPO) size to ₹1,220 crore.
According to the draft papers filed on December 24, 2025, the IPO will consist of a fresh issue of ₹1,200 crore, while promoters Arun MN and Casagrand Luxor will divest shares worth up to ₹20 crore through an offer-for-sale (OFS).
The revised issue size marks an increase from the earlier ₹1,100-crore IPO, which included a ₹1,000-crore fresh issue and a ₹100-crore OFS. Casagrand had originally filed its DRHP in September 2024, but later withdrew it in January 2025.
As per the latest filing, the company may also raise up to ₹240 crore through a pre-IPO placement, which will form part of the fresh issue component.
Use of Proceeds
Casagrand plans to utilise ₹900 crore from the fresh issue to repay certain borrowings, while the remaining funds will be used for general corporate purposes. As of September 2025, the company and its subsidiaries had total consolidated borrowings of ₹4,913.6 crore.
Operational Footprint
Claiming to be the largest residential developer in Chennai, Casagrand also operates in Bengaluru, Hyderabad, and Coimbatore. As of June 2025, the company had completed 103 projects with a cumulative saleable area of 21.79 million sq ft. It currently has 57 ongoing projects spanning 44.10 million sq ft and 21 upcoming projects with an estimated 23.81 million sq ft of saleable area.
Sales Performance
For the financial year ended March 2025, Casagrand recorded pre-sales of 9.72 million sq ft, equivalent to 6,234 units, compared with 7.24 million sq ft or 4,872 units in the previous year. During the June 2025 quarter, pre-sales stood at 4.37 million sq ft or 2,525 units.
Financials
The company reported a 7.6% decline in profit to ₹235.6 crore in FY25, down from ₹254.8 crore in the previous year. Revenue rose 3.1% year-on-year to ₹2,696 crore. For the June 2025 quarter, Casagrand posted a loss of ₹32.4 crore on revenue of ₹172.1 crore.
IPO Advisors
Motilal Oswal Investment Advisors and DAM Capital Advisors have been appointed as the merchant bankers for the Casagrand IPO.
