Macrotech Developers IPO opens today: All you need to know
- Axis Capital, JP Morgan India, Kotak Mahindra Capital Company, ICICI Securities, Edelweiss Financial Services, IIFL Securities, JM Financial, YES Securities, SBI Capital Markets and BOB Capital Markets are the book running lead managers of the IPO.
Realty major Macrotech Developers Ltd, formerly known as Lodha Developers, will open its ₹2,500 crore initial public offering (IPO) on Wednesday. The price band of the issue has been set at ₹483-486 per share and the issue will be available for subscription till April 9. This is the third attempt by the Mumbai-based company, which has a significant presence in affordable and mid-income housing across Mumbai Metropolitan Region (MMR) and Pune, to launch an IPO. Notably, it has also built the Trump Tower in Mumbai. The company had earlier weighed listing in 2009 and 2018 but unfavourable market conditions resulted in the company deferring its plans.
Here’s everything you need to know about Macrotech Developers Ltd. IPO which opens on Wednesday:
1. Investors can bid in lots of 30 equity shares for the IPO and multiples thereafter. Thus, at the upper price band, investors will have to pay ₹14,580 for a single lot of the IPO.
2. The shares of the company will be listed on both BSE and NSE.
3. Axis Capital, JP Morgan India, Kotak Mahindra Capital Company, ICICI Securities, Edelweiss Financial Services, IIFL Securities, JM Financial, YES Securities, SBI Capital Markets and BOB Capital Markets are the book running lead managers of the IPO.
4. Link Intime India is the registrar of the issue.
5. According to the company prospectus, the proceeds from the IPO will be used to reduce the aggregate outstanding borrowings on a consolidated basis of the company as well as acquire land or land development rights and for general corporate purposes.
6. The company’s revenue from operations in the financial year 2019-20 stood at ₹12,442.6 crore. Although the company witnessed a profit of ₹744.84 crore in the last fiscal year, it suffered a loss of ₹264.3 crore in the April-December period owing to the coronavirus disease (Covid-19) pandemic.
7. Ahead of the IPO, the company raised ₹740 crore from 14 anchor investors on Tuesday.