Mumbai-based real estate company Macrotech Developers, earlier known as Lodha Developers, is expected to finalise the share allotment of its IPO in the coming week. This was the first IPO of the financial year 2021-22.
The public issue has managed to sail through with the help of qualified institutional buyers (QIB) on the last day of bidding, subscribing 1.36 times during April 7-9, 2021. As a result, the company successfully raised Rs 2,500 crore from investors.
The reserved portion of QIB was subscribed 3.05 times and that of non-institutional investors 1.44 times, while the part set aside for retail investors witnessed subscription of 40 percent and employees 17 percent.
The company will utilise the net issue proceeds, after excluding offer expenses, towards repaying of debts and acquisition of land or land development rights.
Macrotech Developers, in consultation with merchant bankers, will finalise the basis of allotment on April 16, as per the schedule available in the prospectus.
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Here are two available options to check the IPO share allotment:
Investors can check the share application status on the BSE website. One needs to select 'equity' in issue type and issue name 'Macrotech Developers Ltd' in the dropdown. Enter 'application number' and 'PAN number', and finally, click on 'search'.
The allotment status can also be checked on the IPO registrar's website in two easy steps. One has to select 'Macrotech Developers - IPO' in the dropdown. Enter either 'PAN', 'Application Number', or 'DP Client ID'. And finally, click on search.
If all the abovementioned information provided by the investor is correct, the number of shares applied for and the number of shares allotted to appear on the screen.
After the finalisation of the basis of allotment, the funds will be refunded to anchor investors, if any, and unblocked from ASBA account around April 19. Equity shares will be credited to the demat accounts of eligible investors around April 20 and finally, the trading in equity shares will commence from around April 22.
The listing of equity shares is getting delayed due to two market holidays in the coming weeks. The market will remain shut on April 14 for Dr Baba Saheb Ambedkar Jayanti and on April 21 for Ram Navami.
Macrotech Developers is one of the largest real estate developers in India, by residential sales value for the financial years 2014 to 2020. In FY2020, the affordable and mid-income housing segment contributed 57.77 percent of its overall business for the group.
It currently has 36 ongoing projects comprising approximately 28.78 million square feet developable area of which 23.57 million square feet is in affordable and mid-income housing.