Macrotech Developers share price debuts at Rs 439, a 10% discount to issue price

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26 Aug, 2025 12:21

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Mumbai-based realty company Macrotech Developers share price opened the first trade with 10 percent discount to issue price on April 19, which was on expected lines given the volatility in equity markets and muted IPO subscription.

The stock price started off the first session at Rs 439 on the BSE, against issue price of Rs 486.

Macrotech Developers' Rs 2,500 crore public issue had seen a 1.36 times subscription during April 7-9, the lowest subscription since October 2019. The company will utilise issue proceeds for repaying of borrowings and acquisition of land or land development rights.

The market has been rangebound for couple of months now, especially after hitting a record high levels in the mid of February. Recently the nervousness in the market has increased due to rising COVID-19 infections and its impact on the economic activities.

Incorporated in 1995, Macrotech Developers is the largest real estate developer in India, by residential sales value for the financial years 2014 to 2020 (around Rs 50,000 crores of cumulative sales in the last 7 fiscal years). The company's core business is residential real estate developments with a focus on affordable and mid-income housing.

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Currently, its residential projects are in the Mumbai Metropolitan Region (MMR) and Pune. As of December 2020, it has completed 91 projects comprising of approximately 7.7 crore square feet of developable area, of which 5.9 crore square feet was in affordable & mid-income housing, 1.2 crore square feet in premium & luxury housing, 0.5 crore square feet in office space and 0.1 crore square feet in retail space.

"With company's strong focus on affordable & mid income housing segment, Macrotech is well poised to cater the opportunities present in the sector due to healthy prospects of real estate markets. As company is committed to reduce debt & intended to bring to the level of net debt positive by FY24 which needs to be seen & infusing optimism in long term prospects of company," said Astha Jain of Hem Securities.