Lodha Group’s Brings IPO Plan Back on Track
<span style="font-weight: 400;">Macrotech Developers (formerly Lodha Developers) is taking another stab at listing on the bourses on the back of a sharp surge in residential sales and improved investor sentiment and demand. </span> <span style="font-weight: 400;">This would mark the third attempt
Published -
Jan 9, 2021 5:13 AM
Macrotech Developers (formerly Lodha Developers) is taking another stab at listing on the bourses on the back of a sharp surge in residential sales and improved investor sentiment and demand. This would mark the third attempt by the Mumbai-based firm, which is known for luxury projects such the Trump Towers in Mumbai and Grosvenor Square in London, to launch an initial public offering (IPO). Lodha Group weighed a listing in 2009 and 2018, but deferred those plans due to unfavourable market conditions. Their IPO plans are now back on track and they have engaged investment banks Axis Capital and JP Morgan as advisors. Preliminary work has begun and the plan is to file the DRHP (draft red herring prospectus) by March 2021. More bankers are likely to be added at a later stage. The markets are flush with liquidity and the firm has clocked record sales in the past few months. As of now, the plan is to raise between Rs 2,000 crore to Rs 3,000 crore via the proposed IPO via a fresh issue of shares, but the issue size has not yet been finalised. In 2018, the realtor had said a major chunk of the IPO proceeds would be used towards debt repayment.
Tags : News/Views residential Sales Lodha Group Investor Macrotech Developers