Mactrotech developers to debut on the stock market on Monday

Macrotech Developers will list its shares on Indian stock exchanges on April 19. Macrotech Developers initial public offering (IPO) aimed to increase 2500 crore through a new share issue, had opened on April 7, 2021 and closed on April 9, 2021. Formerly known as Lodha Developers, the real estate company’s issue price was set at 483- 486 per share.

Macrotech Developers IPO has been subscribed 1.36 times. The institutional investor category of 10.23 million shares was subscribed 3.06 times. The non-institutional category made up of high net worth individuals was subscribed 1.45 times. The retail part had a lukewarm response, with 40% subscription.

The company plans to use the net proceeds of the issue to reduce the outstanding borrowings (debt) by the value 1500 crore and acquire land and development rights worth 375 crore, and the remainder for general corporate purposes.

This will be the developer’s third attempt at an IPO. It had filed IPO documents in 2009 and 2018, but failed to reach the capital market due to weak market conditions.

Macrotech Developers (Lodha) is one of the largest real estate developers in India, by residential sales value for fiscal years 2014 to 2020. Its core business is residential real estate development with a focus on affordable and middle income housing. Currently he has residential projects in MMR and Pune. It also develops commercial real estate, including as part of mixed-use developments in and around its core residential projects.

Lodha group said it had registered 2,500 crore in bookings during the quarter ended December 31. The company has seen increased demand for luxury and high-end homes, 1000 crore in bookings in this segment, while middle-income and affordable businesses recovered 1500 crore in bookings during the period.

To subscribe to Mint newsletters

* Enter a valid email

* Thank you for subscribing to our newsletter.