Macrotech Developers IPO to launch on April 7: Check all details of upcoming issue

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LAST UPDATED: April 3, 2021, 1:23 p.m.

New Delhi (Anish Yande): Macrotech Developers Ltd. would be launching its IPO in the next week. Through the initial public offering would be offering equity shares amounting to Rs 2,500 crore. Macrotech, formerly known as Lodha Developers, would be launching its IPO on April 7.

Macrotech Developers IPO important details:

The Macrotech issue comprises 51,440,328 equity shares at a face value of Rs 10.

The issue would be open for subscriptions from April 7 to 9. Macrotech Developers has set a price band of Rs 483 to Rs 486 per equity share. 

The minimum lot size of the Macrotech Developers IPO would comprise of 30 shares which require a minimum limited subscription amount of Rs Rs 14,580. 

Macrotech Developers issue can be subscribed to a maximum of 13 lots which consists of 390 shares. The bidding amount for the maximum number of lots is Rs 1,89,540.

Promoters of the issue would be selling a stake of 10 percent in the company. Macrotech Developers has reserved shares amounting to Rs 30 crore for its eligible employees.

Macrotech Developers would be utilizing the funds from the IPO to reduce their debt which has amounting to Rs 18,660 crore at the end of 2020.  The real estate firm would also be using the funds generated for purchasing land for expansion. The rest of the funds would be used for meeting general corporate purposes.

Bankers to the issue are JPMorgan India Pvt., Axis Capital Ltd., and Kotak Mahindra Capital Co. 

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The launch of real estate’s IPO in April is the company’s latest attempt to launch its IPO.  Macrotech Developers had attempted to launch an IPO in 2009 and 2018. The real estate firm had discontinued plans for the IPO citing challenges for the realty sector. 

The Lodha Group is one of the leading real estate firms in India. The real estate firm has developed properties in residential and commercial sectors located in Pune, and Mumbai Metropolitan Region. Macrotech Developers has 54 current and planned projects with a total developable area of 73.8 million sq ft. 

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