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Chennai-based Grand Housing has filed its Draft Red Herring Prospectus (DRHP) with SEBI for an Initial Public Offering (IPO), signaling its plans to go public. The company plans an offer for sale of up to 35.5 million equity shares, each with a face value of INR 5. Founded in 2004, Grand Housing develops plotted residential and industrial land primarily in Tamil Nadu. Its land reserves stood at around 83.1 million sq ft, excluding ongoing and upcoming projects. FY25 revenue and net profit rose significantly compared to FY23. The IPO will follow the book-building process with allocations to institutional, non-institutional, and retail investors.
Chennai-based real estate developer Grand Housing has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI), moving closer to its Initial Public Offering (IPO). The company plans an offer for sale of up to 35,500,000 equity shares, with each share having a face value of INR 5. Promoter Vijay Surana J will be selling these shares as part of the IPO. Advertisement
Incorporated in 2004, Grand Housing primarily focuses on plotted developments across Tamil Nadu. The company develops residential plots for homeowners constructing houses and villas, as well as larger contiguous parcels for industrial use. Residential plot sizes typically range from 600 sq ft to 2,400 sq ft, priced between INR 1,500 and INR 5,000 per sq ft.
As of March 31, 2025, Grand Housing held land reserves of approximately 83.13 million sq ft (1,908.52 acres), excluding ongoing, completed, and upcoming projects. The company reported revenue of INR 156.66 crore in FY25, compared to INR 94.61 crore in FY23. Net profit also rose substantially to INR 84.59 crore from INR 30.92 crore during the same period.
The IPO will be conducted through the book-building process. Not more than 50% of the net offer will be allocated to qualified institutional buyers, while 15% and 35% will be assigned to non-institutional bidders and retail individual investors, respectively. Smart Horizon Capital Advisors are acting as the book-running lead managers, and Bigshare Services is the registrar for the IPO.
The funds raised from the IPO for as per the DRHP, the issue is an Offer for Sale (OFS) reinforcing its strong market presence in Tamil Nadu's real estate sector. Grand Housing has a track record of acquiring and consolidating land parcels, making its developments more economically viable and attractive for buyers and investors alike.
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