Macrotech Developers IPO makes weak market debut: Shares listed at 10% discount

News24

LAST UPDATED: April 19, 2021, 12:50 p.m.

New Delhi (Anish Yande): The shares of Macrotech Developers were listed on the stock exchanges today. Macrotech Developers shares made a weak market debut, listing at Rs 436 per share. 

Shares of the real-estate developer were listed at Rs 475.95 following the opening bell. The initial public offering of Macrotech Developers had opened on April 7, 2021, and closed on April 9, 2021.

Macrotech Developers IPO Important Details:

Macrotech Developers’ Rs 2,500 crore initial public offering had received a tepid response from investors following a subscription rate of 1.36 times.

The portion of the IPO of the real-estate developer reserved for qualified institutional buyers was subscribed 3.05 times and the portion reserved for non-institutional investors was subscribed 1.44 times. The retail individual investors’ portion was subscribed 0.40 times. 

Macrotech Developers had previously rescheduled its IPO launch on two occasions. The real estate firm had rescheduled the IPO according to conditions unfavorable to the firm. In 2009, the Macrotech Developers attempted to launch its IPO with an aim to raise around Rs 2,800 crore. 

More details of the Macrotech Developers issue:

The running lead managers to the Macrotech Developers issue are SBI Capital, ICICI Securities, Bank of Baroda Capital,  IIFL Securities, Edelweiss Securities,  JM Financial,  and Yes Securities. 

Macrotech Developers has residential projects in the Mumbai Metropolitan Region (MMR) and Pune. As of December 2020, 91 projects have been finalized which comprise approximately 7.7 crore square feet of developable area.

The real estate developer is known for projects such as Trump Towers in Mumbai and Grosvenor Square in London. The firm has 38 projects and 19 planned projects in India, as of March 2020.

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In 2019-20, the operational revenue of Macrotech Developers was at Rs 9,580 crore. The firm recorded a profit of Rs 1,210 crore from 2019-20.

Macrotech Developers’ sales booking is at Rs 6,600 crore and recorded at Rs 3400 crore in the first nine months of the previous fiscal.

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