Macrotech Developers (formerly Lodha Developers) will kick start the IPO wagon in FY22 as it will launch its initial public offering on April 7.
The issue will close on April 9 and the anchor book placement, if any, will open for bidding for a day on April 6. The company has fixed price band for the offer at Rs 483-486 per share.
This is the third attempt by the Mumbai-based firm, which is known for luxury projects such as Trump Towers in Mumbai and Grosvenor Square in London, to launch an initial public offering (IPO). Lodha Group weighed a listing in 2009 and 2018, but deferred those plans due to unfavourable market conditions.
Macrotech Developers, one of the largest real estate developers in India by residential sales value during FY14-FY20, is planning to mop up Rs 2,500 crore through its offer.
The company has reserved shares worth Rs 30 crore as part of the issue for its eligible employees.
Investors can bid for a minimum of 30 equity shares and in multiples of 30 shares, thereafter, translating into the minimum application size of Rs 14,580 per lot at higher price band.
The company will utilise the issue proceeds for repaying debts and acquisition of land or land development rights.
Its core business is residential real estate developments with a focus on affordable and mid-income housing. Currently, it has residential projects in the MMR and Pune.
Also read - Macrotech Developers IPO: Will it get third time lucky?
In 2019, the company also forayed into the development of logistics and industrial parks and entered into a joint venture with ESR Mumbai 3 Pte. Limited (ESR), a subsidiary of ESR Cayman, an Asia Pacific focused logistics real estate platform.
Macrotech sells real estate projects under several brands including Lodha, CASA by Lodha and Crown – Lodha Quality Homes for affordable and mid-income housing projects; Lodha, and Lodha Luxury brands for premium and luxury housing projects, and the 'iThink', 'Lodha Excelus' and 'Lodha Supremus' brands for office spaces.
The Lodha group has been involved in the real estate business since 1986, led by Abhishek M Lodha, Managing Director and Chief Executive Officer.
Macrotech Developers can be compared with listed peers like Brigade Developers, DLF, Godrej Properties, Oberoi Realty, Prestige Estates Projects, Sobha and Sunteck Realty.
Axis Capital, JP Morgan India and Kotak Mahindra Capital Company are the global co-ordinators and book running lead managers to the issue. ICICI Securities, Edelweiss Financial Services, IIFL Securities, JM Financial, YES Securities (India), SBI Capital Markets and BOB Capital Markets are the book running lead managers to the public issue.