Lodha Developers IPO Open Today: The IPO of Mumbai-based Indian real estate company Macrotech Developers Ltd is opening on April 7. This is the first IPO for FY 2022. Money can be put in this IPO from 7 to 9 April. Macrotech Developers Limited was previously known as Lodha Developers. The company aims to raise Rs 2500 crore through an IPO. At the same time, the company has fixed the price band of 483-486 rupees for this IPO. Should you invest money in this IPO, know the important things before investing….
740 crores raised from anchor investors
Macrotech Developers Limited has raised Rs 740 crore from anchor investors even before the IPO. According to the information given to the stock market, the company says that it has raised Rs 740 crore from 14 anchor investors. It has issued 1.52 crore shares to anchor investors at the rate of Rs 486 per equity.
Lot size
The lot of this IPO is 30 shares. That is, at least 30 shares have to be bid. In terms of the upper price band of Rs 480, at least Rs 14580 will have to be invested in the IPO. After this, bids can be made in multiples of 30.
How much reserve for
In this IPO, 50 percent of the shares will be reserved for qualified institutional buyers (QIPs). At the same time, 15 percent shares will be reserved for non-institutional buyers and 35 percent for retail investors. Also, shares worth Rs 30 crore are reserved for the employees of the company.
Where will the fund be used
The company will use the funds received through this IPO to reduce its debt. Also, some funds will be used to purchase land and meet general corporate needs. The company has a total debt of Rs 18,662.19 crore as of December 2020.
The company has appointed around 10 investment firms as its lead managers for this IPO. These include Axis Capital Limited, JP Morgan India and Kotak Mahindra Capital Global Coordinators and Book Running Lead Managers.
Also ICICI Securities, Edelweiss Financial Services, IIFL Securities, JM Financial, Yes Securities, SBI Capital Markets and Bank of Baroda Capital Markets are the lead managers.
Third attempt of IPO
This is the third attempt to launch an IPO for Lodha Developers. Earlier, the company had made this effort in the years 2009 and 2018. Once the recession and the second time the market sentiment was weak, the company pulled back.
About the company
The Lodha Group is known for luxury projects such as Trump Towers in Mumbai and Grosvenor Scour in London. Total revenue of the company was Rs 3,160.49 crore in the December quarter, while the company had a net loss of Rs 264.30 crore.
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