Chennai-based Grand Housing has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for its proposed Initial Public Offering (IPO).

The offer, with a face value of Rs 5 per equity share, is an offer for sale of up to 35,500,000 shares by promoter Mr. Vijay Surana J.

Incorporated in 2004, the company is a real estate developer in India primarily focusing on plotted developments in Tamil Nadu, particularly in and around Chennai. As part of its business, the company  acquires parcels of land and build basic infrastructure on the land, such as roads, power connections, sewage, water supply thereby converting it into developable land. The company has also worked to acquire contiguous parcels of land in some cases to create a larger area more economically viable for further development.

Its plotted developments are divided into two segments – residential segment – comprising development of residential plots and industrial segment – comprising development of large contiguous land to be used for industries. The company develops and sells residential land plots mainly to homeowners for their construction of houses and villas. The sizes of its residential plots typically range from 600 square feet to 2,400 square feet, with price of individual plot ranging from ₹1,500 per square feet to ₹5,000 per square feet.

The company’s operations are located in and around Chennai, Tamil Nadu. Chennai is one of India’s most urbanized cities characterized by a steadily growing population, benefitting from a rich cultural legacy and a moderate coastal climate, making it an attractive place to live (Source: CRISIL Report). In addition, Chennai is the second largest state economy in India in Fiscal 2024, according to the CRISIL Report.

As of March 31, 2025, the company’s land reserves comprised of approximately 83,134,781 square feet (or 1,908.52 acres) of land which excludes ongoing projects, completed projects and upcoming projects.

The company’s revenue from operations was Rs 156.66 crore during FY25 vis-à-vis Rs 94.61 crore during FY23. Its net profit was Rs 84.59 crore during FY25 vis-a-vis Rs 30.92 crore during FY23.

The Offer is being made through the book-building process, wherein not more than 50% of the net offer is allocated to qualified institutional buyers, and not more than 15% and 35% of the net offer is assigned to non-institutional bidders and retail individual bidders respectively.

Smart Horizon Capital Advisors is the book running lead managers, and Bigshare Services Private Limited is the registrar of the offer. The equity shares are proposed to be listed on BSE and NSE.