Realty firm Casagrand appoints bankers for Rs.800-Cr IPO

Chennai-based real estate firm Casagrand Builder Pvt Ltd is aiming to file for an initial public offering (IPO) in 2022, to raise about INR 800 crore mainly to fuel growth. Motilal Oswal Financial Services and JM Financial Ltd have been appointed as bankers for the IPO. The developer plans to invest nearly INR 5000 crore in the coming year in residential development projects in Bengaluru, Chennai and other southern Indian property markets such as Hyderabad. Casagrand is also in talks with real estate focused non-banking financial company (NBFC) KKR India Asset Finance Ltd (KIAFL), the local arm of private equity firm KKR & Co, to raise a total of INR 400-500 crore of structured debt across three projects in Chennai and Bengaluru.