Macrotech Developers IPO subscribed 35% by end of second day

Macrotech plans to use IPO proceeds to meet its debt obligations and purchase land for future development.

Data from the National Stock Exchange shows that macrotech developers (formerly known as Lodha developers) weakened sales through initial public offerings (IPOs). Macrotech Developers received a total of 1,26,56,070 bids for 3,64,18,219 shares on offer. According to NSE data, a total of 35,44,590 bids were received at the cut-off price.

Retail investors were showing a decrease in demand for the issue as the portion reserved for them was subscribed 12 per cent while the portion reserved for qualified institutional buyers was subscribed 63 per cent.

Macrotech Developers, formerly known as Lodha Developers, are planning to raise Rs 2,500 crore through an IPO and are selling shares in the price band of Rs 483-486 per share. The shares are likely to be listed on BSE and NSE on 22 April 2021.

Investors can bid for one of the minimum 30 shares, translating to a minimum application size of Rs 14,580 per lot at the high end of the price band. The maximum application size per person is 13 lots.

The company plans to use IPO proceeds to meet its debt obligations and purchase land for future development.

MacroTech IPO will be the biggest asset public issue after DLF, which went public in 2007. Its listed peers include DLF, Godrej Properties, Oberoi Realty, Sobha and Suntec Realty.

Macrotech was founded in Mumbai by billionaire Mangal Prabhat Lodha. The company is mainly engaged in the development of affordable residential real estate and in 2019, it entered into the development of logistics, industrial parks and commercial real estate. It is also known for luxury projects such as Trump Towers in Mumbai and Grosvenor Square in London.

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