Latest News | CASAGRAND Plans to Go Public by 2022

Chennai, Sep 23 (PTI) Property developer CASAGRAND on Thursday announced its plans to go public by 2022.

CASAGRAND founder and managing director Arun Mn said the company was also planning to strengthen its presence in Bengaluru, Hyderabad with an initial outlay of Rs 1,500 crore.

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"The company aims to go for IPO by next year. Motilal Oswal and JM have been jointly appointed as bankers," a company statement said.

Recently, CASAGRAND received funding of Rs 1,200 crore, it said, adding the company would develop affordable and mid-luxury apartment, villas, with an average ticket size of Rs 85 lakh. The company intends to focus on developing affordable house ranges between Rs 25 lakh to Rs 45 lakh, it said. In the residential market, the company has drawn up plans to invest Rs 5,000 crore, which includes Rs 3,000 crore in Chennai and Rs 1,250 crore in Bengaluru. The company also plans to acquire a total land parcel worth of potential turnover of Rs 10,000 crore and already acquired Rs 6,000 during the last fiscal, the statement said.

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On the performance of group companies, he said CASAGRAND PropCare aims to clock revenues of Rs 250-300 crore from the current Rs 100 crore while Staylogy, CASAGRAND's co-living space plans to add 2,000 beds in the next three years. CASAGRAND Bizpark division would continue to focus on developing and owning rent yielding information technology and office spaces of five million square foot, the statement added.

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