Mumbai-based Indian real estate company Macrotech Developers Ltd. (erstwhile Lodha Developers) is set to get listed in the stock market. The company will launch its IPO on 7 April to raise Rs 2500 crore and it will remain open for subscription till 9 April.
Lodha Developers has fixed the issue price band for this IPO at Rs 483-486. Its lot is of 30 shares. In this IPO, 50% of the shares will be reserved for qualified institutional buyers (QIPs). At the same time, 15% shares will be reserved for non-institutional buyers and 35% for retail investors. Also, shares worth Rs 30 crore are reserved for the employees of the company.
The company has appointed around 10 investment firms as its lead managers for the IPO. These include Axis Capital Limited, JP Morgan India and Kotak Mahindra Capital Global Coordinators and Book Running Lead Managers. Also ICICI Securities, Edelweiss Financial Services, IIFL Securities, JM Financial, Yes Securities, SBI Capital Markets and Bank of Baroda Capital Markets are the lead managers.
The Lodha Group is going to bring its IPO in view of the rise in the sale of houses and the improving sentiment of investors. This is the third attempt by the Mumbai-based real estate firm to get an IPO. This is the third attempt to launch an IPO for the Lodha Group. Earlier, the company had tried to get IPOs in the years 2009 and 2018. But the company pulled back due to poor market sentiment.
The Lodha Group is known for luxury projects such as Trump Towers in Mumbai and Grosvenor Square in London. For this IPO, Macrotech Developers has appointed investment banks such as Axis Capital and JP Morgan as advisors.
Out of the money through this IPO, 1500 crore rupees will be spent by the company to reduce its debt. Also, 375 crore rupees will be used to purchase land and to meet general corporate needs. Let us tell you that as of December 2020, the company has a total debt of Rs 18,662.19 crore. The company’s total revenue in the December quarter was Rs 3,160.49 crore, while the company had a net loss of Rs 264.30 crore.
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