Macrotech Developers’ Rs 2,500 crore IPO to open on April 7
The Rs 2,500 crore IPO of real estate company Macrotech Developers is going to open for subscription on 7 April (Wednesday). This company was earlier known as Lodha Developers. The company’s issue can be subscribed till 9 April (Friday).
The IPO of Lodha Developers will be the second-largest real estate IPO in the country. The debt of Rs 1,500 crore will be reduced from the income from this issue, while Rs 375 crore will be used for land acquisition and general business needs.
The price band for this issue has been kept at Rs 483-486. Based on the upper price of the price band, the market cap of Macrotech will be Rs 21,750 crore. Above this, DLF has a market cap of Rs 72,205 crore and Godrej Properties has a market cap of Rs 38,679 crore.
This is the third time the company is attempting a listing. Prior to this, the company has tried listing first in the year 2009 and then in the year 2018. On the basis of gray market premium, the price of this issue is seen upwards.
In the December quarter, Lodha Developers got bookings of Rs 2,500 crore for luxury and affordable homes. It has got bookings of Rs 1,000 crore in luxury and premium homes, while booking of Rs 1,500 crore has been received in the medium and residential segment.
