Macrotech Developers to launch IPO on 7 April; price band determined at Rs 483-486 per share

Business & Economics



The company has also proposed to use Rs 375 crore to acquire land and their developmental right

Macrotech Developers, formerly known as Lodha Developers, is all set to launch a Rs 2,500 crore initial public offer (IPO) on 7 April.

In a statement, the developers said the price band for the offer has been determined at Rs 483–486 per equity share. Macrotech Developers plans to utilise the proceeds from the IPO to settle their debts of up to Rs 1,500 crore.

The company has also proposed to use Rs 375 crore to acquire land and their developmental rights. The rest of the funds, it says, will be kept aside for general spendings, as noted by Moneycontrol.

This is the real estate giant’s third attempt to launch an IPO and get itself listed on the stock exchanges. The developers first filed DRHP (Draft Red Herring Prospectus) over a decade ago in September 2009 and received Sebi’s approval in January 2010. The company planned to raise Rs 2,800 crore but shelved it owing to the unfavourable market conditions following the global financial crisis.

Nine years later, Lodha Developers filed the DRHP again and got the Sebi’s nod to raise Rs 5,500 crore, only to once again drop their plan amid market turmoil.

In 2013, it ventured into the London realty market, acquiring two prime sites in central London for an investment of about 400 million pounds. By 31 December, 2020, the company had finished nearly 77.2 million sqft of developable area across 91 projects.

Macrotech Developers currently has 54 ongoing projects.

For the IPO, the company has engaged Axis Capital JP Morgan India and Kotak Mahindra Capital Company to manage the offer. ICICI Securities, Edelweiss Financial Services, IIFL Securities, JM Financial, YES Securities (India) Ltd, SBI Capital Markets and BOB Capital Markets are others managing the leads to the IPO.

With inputs from PTI



Source link