Macrotech Developers to raise Rs 2,500 crore through an initial public offering (IPO)

Lodha Developers, which is now known as Macrotech Developers Ltd, has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India(SEBI) to raise Rs 2,500 crore via an initial public offering (IPO).

The prospectus was filed on Wednesday, according to the Securities and Exchange Board of India (SEBI) website.

The proceeds from the raised funds will be utilized for lowering outstanding borrowings, acquisition of land or land development rights, and general corporate purposes.

Macrotech Developers’ primary business is residential real estate developments with attention to affordable and mid-income housing. Its ongoing projects are spread across MMR and Pune.

In 2019, it forayed into the development of logistics and industrial parks by entering into a joint venture with a subsidiary of Asia Pacific-focused ESR Cayman.

The company also builds commercial real estate including mixed-use projects in and around residential ones.

Macrotech Developers has been engaged in the real estate business since 1986. It began operations in Mumbai, building affordable housing projects, and later ventured into other segments and regions in MMR and Pune.

The firm has completed 91 projects of around 77.22 million square feet as of December 31, 2020. It has 36 ongoing projects of 28.78 million square feet.

This is the third attempt by the company to list its shares through an initial public offering (IPO). Lodha had received SEBI approval for an IPO in 2010 but it called off the plan.

In 2018, it again received a green flag to float but faced regulatory issues.

The proposed IPO will be an important development for the Indian real estate industry. This will be the first real estate IPO in India after a gap of almost 10 years.

To be sure, the ecosystem has seen a bunch of listings on the real estate investment trust (REIT) front.

Job applications could be sent for various posts across departments like Accounts, Taxation and Company Secretariat, Construction Management, Design, Finance, Hospitality and Property Management, Human Resources, IT, Legal, Marketing, Sales, Strategic Leadership Office, and Procurement. For information regarding these job posts and for sending in your applications, visit the careers section of the company’s website.