Lodha Developers, one of the leading real estate developers in India, is once again set to get listed in the stock market.
Macrotech Developers, one of India’s leading real estate developers, also known as Lodha Developers, is once again set to be listed on the stock market. Sources associated with the matter said that the company is set to launch its IPO on April 7 to raise Rs 2500 crore.
Sources said that the company will file a draft red herring prospectus (DRHP) with the Registrar of Companies today to launch the IPO. According to Mint’s news, the company’s IPO has been approved by market regulator SEBI. According to the report, sources said that the IPO will open for subscription on April 7 and will close on April 9.
The Lodha Group is going to bring its IPO in view of the rise in the sale of houses and the improving sentiment of investors. This is the third attempt by the Mumbai-based real estate firm to get an IPO. This is the third attempt to launch an IPO for Lodha Group. Prior to this, the company had tried to get an IPO in the years 2009 and 2018. But the company pulled back due to poor market sentiment.
The Lodha Group is known for luxury projects such as Trump Towers in Mumbai and Grosvenor Square in London. For this IPO, Macrotech Developers has appointed investment banks such as Axis Capital and JP Morgan as advisors.
The company had said to raise Rs 500 crore for pre-IPO placements in the application submitted to SEBI, but the company has not yet raised any amount of pre-IPO funding. The company has not yet officially made any statement regarding the IPO.
The money that will come through this IPO will be used to reduce the company’s debt. According to DRHP, the company will use Rs 1,500 crore to pay down debt of itself and its affiliates.
Let us tell you that as of December 2020, the company has a total debt of Rs 18,662.19 crore. The company’s total revenue in the December quarter was Rs 3,160.49 crore, while the company had a net loss of Rs 264.30 crore.
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