Mumbai-based Indian real estate company Macrotech Developers Ltd (formerly Lodha Developers) will launch its IPO on 7 April to raise Rs 2500 crore. It will be open for IPO subscription till 9 April.
Lodha Developers has fixed the issue price band for this IPO at Rs 483-486. Its lot size is 30 shares. Lodha has a positive sentiment in the primary market regarding the IPO of developers. This is the reason that many global and domestic financial institutions want to join the company as anchor investors.
Sources associated with the case say Canadian investment firm Brookfield Asset Management Inc, along with US private investment firm Wellington Management Co (Abu Dhabi Investment Authority) and Ivanhoe Cambride HDFC Mutual Fund will invest in the company as an anchor investor.
This is Gray Market Premium
The gray market premium of the unlisted shares of the company prior to the IPO of Lodha Developers is looking weak. Unlisted shares of Macrotech Developers are trading in the gray market at a premium of 4% to 5% of their issue price. According to data from IPO Watch, the company’s share price was between Rs 506 and Rs 511 in the gray market today.
Know these special things before subscribing
1. 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.
2. The share allocation for the IPO of Lodha Developers will be finalized on April 16 and those who do not have issue issues will get refunds by April 19. Shares will be issued on April 20 in the Demat account of qualified investors. Also, the company’s shares will be listed on the stock market on April 22.
3. 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.
4. 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.
5. The Lodha Group is going to bring its IPO in view of the buoyancy in the sale of homes and the improving sentiment of investors. This is the third attempt by the Mumbai-based real estate firm to get an IPO.
6. Prior to this, the company had tried to get an IPO in the years 2009 and 2018. But the company pulled back due to poor market sentiment.
7. The Lodha Group is known for luxury projects such as Trump Towers in Mumbai and Grosvenor Square in London.
8. 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 in the purchase of land and meeting the general corporate needs.
9. The company had a total debt of Rs 18,662.19 crore as of December 2020. 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.
10. Promoters of the company are Abhishek Mangal Prabhat Lodha, Rajendra Narpatmal Lodha, Sambhavnath Infrabield and Sambhavnath Trust. Promoters hold 100% stake in the company. This means they have 39,58,78,000 fully paid equity shares of the company.
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