Macrotech Developers set to hit market on April 7 with a Rs 2,500 crore IPO

Macrotech Developers, formerly Lodha Developers, is ready to hit the primary market with a Rs 2,500 crore IPO on April 7. The Mumbai-based realtor has fixed the price band for the issue at Rs 483-486 apiece.

On the offer would be a fresh issuance of equity shares totaling up to Rs 2,500 crore. Shares worth up to Rs 30 crore would be kept aside for eligible employees. The qualified institutional buyers’ (QIB) quota has been established at 50 percent, the HNI quota at 15 percent, and the quota for individual bidders at 35 percent.

Macrotech Developers is one of the largest real estate developers in India by residential sales value for financial years 2014 to 2020. As of December 31, 2020, Lodha had completed nearly 77.2 million square feet of developable area across 91 projects. It has 54 ongoing and planned projects having nearly 73.8 million square feet of developable area.

In 2019, the company ventured into the development of logistics and industrial parks and forayed into a joint venture with ESR Mumbai 3 Pte, a subsidiary of ESR Cayman, the Asia Pacific-focused logistics real estate platform.

The company plans to use the net proceeds from the fresh issue for reduction of total outstanding borrowings of the company amounting up to Rs 1,500 crore, acquisition of land or land developmental rights aggregating up to Rs 375 crore, and for general corporate purposes.

JP Morgan India, Axis Capital, Kotak Mahindra Capital Company are the global coordinators and book running lead managers to the issue. JM Financial, YES Securities, Edelweiss Financial Services, IIFL Securities, SBI Capital Markets, ICICI Securities, and BOB Capital Markets are the book-running lead managers to the issue.

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