Macrotech Developers aims to raise Rs 2,500 crore through IPO; real estate firm issue opens on 7 April – Business News , Firstpost



The shares of the real estate firm, formerly known as Lodha Developers, will be offered at a price band of Rs 483-486; the proceeds from the IPO will be used to repay its Rs 1,500 crore debt as well as towards land acquisition and other corporate expenses

Macrotech Developers Ltd, formerly known as Lodha Developers, is all set to open its initial public offering (IPO) on 7 April. The Mumbai-based company plans to raise Rs 2,500-crore through it. The price value per share will be around Rs 483-486. The issue will remain open till 9 April.

One can bid for a minimum of 30 equity shares for around Rs 14,580. There is a reservation of 50 percent of the net issue for the qualified institutional buyers (QIBs), 15 percent for non-institutional investors and the remaining 35 percent has been reserved for the retail category, reported Financial Express.

According to a report in The Hindu Businessline, SEBI approved the Macrotech Developers IPO last month. The company had filed a Draft Red Herring Prospectus (DRHP) on 16 February.

Macrotech has hired 10 companies as managers to the issue. Axis Capital Ltd, Kotak Mahindra Capital Company Ltd and JP Morgan India Private Ltd and will manage the issue globally. On the domestic front, the IPO will be taken care of by Edelweiss, JM Financial, IIFL Securities, Yes Securities, ICICI Securities SBI Capital and BoB Capital.

The real estate firm plans to repay its Rs 1,500 crore debt through the IPO and will utilise around Rs 375 crore for land acquisition and other corporate expenses.

In the past, the company had tried to launch its IPO twice. In September 2009, it had tried to raise Rs 2,800 crores, but had to cancel the issue due to the global recession. The IPO was again launched in 2018 but was shelved due to adverse scenarios in the market.



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