Stocks

Casagrand mulls IPO next year; likely to dilute up to 15% of holdings

G Balachandar Chennai | Updated on September 23, 2021

Arun Mn, Founder and Managing Director, Casagrand

The company is expected to be valued in the range of ₹5,000-6,000 crore.

Casagrand, Chennai-headquartered leading residential property player, is to hit the capital market next year with an initial public offer (IPO).

"We have developed the bandwidth and carry the relevant numbers to mobilise public money for the projects in the coming years," said Arun Mn, Founder and Managing Director of Casagrand.

He said Casagrand has emerged among the top 5 players in South India in its business segment. "We intend to be a relevant player on a pan-India basis going forward," he added.

The company is expected to dilute up to 15 per cent in the proposed IPO and it is expected around the end of 2022.

Motilal Oswal Financial Services & J M Financial Services have been mandated to prepare the company for the proposed IPO.

Casagrand is expected to be valued in the range of .₹5,000-6,000 crore.

"Last year, we did about .₹2,300 crore worth home sales and this year we intend to do about .₹3,700 crore worth of sales," said Arun.

After Chennai, Coimbatore and Bengaluru, the company plans to expand to Hyderabad market this year in view of growing potential.

Published on September 23, 2021

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