Chennai-based Casagrand Premier Builder — Chennai’s largest residential real estate developer has once again approached the capital markets. The company has re-filed its IPO DRHP with the Securities and Exchange Board of India (SEBI) on 24 December 2025, marking its third filing in three years.
Casagrand Premier IPO journey reflects both the cyclical nature of India’s real estate markets and the company’s persistence in seeking public participation amid changing macroeconomic conditions.
According to filing records:
- First DRHP: Filed in July 2022, approved by SEBI in November 2022, but deferred due to adverse market sentiment; the approval later lapsed.
- Second DRHP: Re-filed in September 2024 and approved on 31 December 2024, with validity till 31 December 2025.
- Third DRHP: Filed on 24 December 2025, just a week before the expiry of the prior approval
Casagrand Premier IPO Details
Casagrand Premier IPO comprises a fresh issue of INR 1,200 crore and an OFS of up to INR 20 crore by its promoters.
The book running lead managers to the issue are Motilal Oswal Investment Advisors and DAM Capital Advisors, with KFin Technologies serving as the registrar.
Business Overview
Founded in 2003, Casagrand Premier Builder (CPBL) has evolved into Chennai’s largest residential real estate developer, commanding nearly 25% of the market in terms of project launches and around 18% in terms of demand between 2017 and mid-2025 (Source: CBRE Report).
The company is renowned for its mid-income and affordable housing portfolio, and operates under the strong consumer brand “Casagrand,” synonymous with timely delivery, quality construction, and lifestyle-driven design.
From a single-city operation, Casagrand has expanded its footprint across Bengaluru (Karnataka), Hyderabad (Telangana), and Coimbatore (Tamil Nadu), establishing itself as a major South Indian residential brand.
As of June 30, 2025, the company has built a staggering 103 completed projects, 57 ongoing, and 21 forthcoming, together covering a total saleable area of nearly 90 million square feet. Also, Casagrand employed 5,538 permanent employees and 9,828 contract workers.
Casagrand Premier IPO: Promoters and Shareholding
The company is jointly promoted by Mr. Arun M.N. — a first-generation entrepreneur — and Casagrand Luxor. Together, they hold 99.99% of the pre-offer equity:
| Shareholder | Shares Held | % of Equity |
|---|---|---|
| Arun M.N. | 8,73,24,000 | 49.99% |
| Casagrand Luxor Pvt. Ltd. | 8,73,25,000 | 50.00% |
Both promoters will offload shares worth INR 10 crore each through the OFS component.
Casagrand Premier IPO Financial Performance
| Particulars | FY23 | FY24 | FY25 | 3M FY26 |
|---|---|---|---|---|
| Revenue from Operations | 2,491.95 | 2,613.99 | 2,695.89 | 172.14 |
| EBITDA | 641.80 | 813.71 | 818.32 | 74.0.02 |
| Profit After Tax | 226.12 | 256.94 | 234.52 | (32.51) |
| EBITDA Margin | 25.76 | 31.13 | 30.35 | 42.99 |
| Debt/Equity (x) | 4.73 | 4.68 | 3.70 | 4.29 |
| EPS (INR) | 12.95 | 14.71 | 13.43 | (1.86) |
Utilization of IPO Proceeds
The company intends to deploy the net proceeds primarily toward debt reduction, with the following indicative allocations:
| Purpose | Amount (INR Cr) |
|---|---|
| Repayment of Company’s borrowings | 250.0 |
| Repayment of Subsidiaries’ borrowings (CG Magick, CG Bizpark, etc.) | 650.0 |
| General Corporate Purposes | Balance |
Operational Scale: Over 89 Million Square Feet in Development
Casagrand’s project portfolio as of 30 June 2025 underscores its commanding presence in South India, particularly Chennai.
| Category | No. of Projects | Saleable Area (msqf) |
|---|---|---|
| Completed | 103 | 21.79 |
| Ongoing | 57 | 44.10 |
| Forthcoming | 21 | 23.81 |
| Total | 181 Projects | 89.70 |
The company’s projects span Chennai, Bengaluru, Hyderabad, and Coimbatore, with Chennai alone contributing over 60% of its portfolio.
Diversification into Warehousing and Commercial Real Estate
Casagrand is strategically diversifying beyond residential into warehousing and commercial office development — a segment gaining traction with institutional investors.
Ongoing Warehousing Projects (Chennai Region)
| Location | Estimated Leasable Area (msqf) |
|---|---|
| Poonamalle | 0.72 |
| Uthukadu | 0.76 |
| Onehub, Chengalpattu | 0.41 |
| Santhavellore, Kancheepuram* | 0.94 |
| Total | 2.83 |
The Santhavellore project will be transferred to BREP Asia III India Holding Co II upon completion under a framework agreement dated 19 November 2025.
Future Land Acquisitions for Warehousing
- Sriperumbudur, Pillaipakkam: 1.11 mn sq. ft.
- Sriperumbudur C Village: 3.97 mn sq. ft. (BREP has right of first offer)
Total: 5.08 mn sq. ft.
Commercial Office Portfolio
| Project | Location | Leasable Area (mn sq. ft.) | Status |
|---|---|---|---|
| Connect Ambattur | Chennai | 0.19 | Ongoing |
| Astute Nandambakkam | Chennai | 0.32 | Ongoing |
| The Paragon | Radial Road | 0.37 | Ongoing |
| Connect KVR | Chennai | 0.18 | Ongoing |
| Bizpark | Sholinganallur | 1.01 | Ongoing |
| Skytech | Perungudi | 0.95 | Ongoing |
| Convention Centre | Pudupakkam | 0.05 | Ongoing |
| Ecotech – Phase II | Sholinganallur | 0.71 | Forthcoming |
Casagrand also owns Casagrand Ecotech Phase I (0.59 mn sq. ft.) at Sholinganallur, acquired in FY24.
Together, these represent 3.78 mn sq. ft. of commercial assets, reflecting Casagrand’s strategic pivot to mixed-use development.
The firm operates under two models:
- Owned-Land Developments (≈93.6% of ongoing saleable area)
- Joint Development Agreements (JDAs) with landowners (≈6.4%)
Casagrand Premier IPO: Market Leadership and Execution Excellence
Casagrand’s 25% market share in Chennai launches and 18% share of demand between 2017–2025 make it a clear market leader in South India’s housing segment.
Its fast project turnarounds, in-house construction, and strong brand recognition in mid-income housing provide structural advantages over competitors. Projects such as Casagrand Vivacity (Bengaluru) and Casagrand Suncity Phase I (Chennai) achieved over 50% unit sales within six months of launch — a testament to brand pull and pricing strategy.
Verdict
The refiling of Casagrand Premier IPO DRHP signals a renewed confidence in capital markets and in India’s real estate growth trajectory. The IPO, if launched, could serve as a deleveraging catalyst and unlock value for a developer with deep regional dominance and credible execution capabilities.
However, investors will closely watch:
- The company’s high leverage ratio (4.29x)
- Regional concentration risk (heavy dependence on Chennai)
- And its ability to sustain margins amid rising construction costs and price competition.
That said, with a robust pipeline of over 89 million sq. ft., growing diversification into warehousing and commercial real estate, and a strong track record of profitability, Casagrand Premier Builder stands poised to become one of South India’s most-watched real estate IPOs of 2026.
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