Mumbai : Affordable and Mid Income Housing focused Macrotech Developers Limited also known as Lodha Developers; received bids of 1,26,56,070 shares against the offered 36,193,415 equity shares, as per the 5:00 pm data available on the bourses.

The portion reserved for retail investors was subscribed 0.25 times. While the Qualified Institutional Buyer category was subscribed 0.66 times, the Non-Institutional Investor category was subscribed 0.19 times.

The total size of the offer is Rs. 2500 cr at the upper price band of Rs. 486 per share.

The IPO is a fresh issuance of equity shares of Rs 10 face value aggregating up to Rs. 2500 crore. The minimum bid lot is of 30 equity shares, thereafter in multiples of 30 equity shares.  The price band has been fixed at Rs. 483 – Rs. 486 per Equity Share.

Key brokerage houses like Axis Securities, Hem Securities, Reliance Securities and Choice have given recommendations of “Subscribe” to the issue for long term perspective while highlighting the key strengths of the company like diversified Portfolio with strong focus on affordable & mid income housing segment, strong brand in MMR region. These report have further highlighted the strong project portfolio and monetization of huge land banks offer comfort. Moreover, its return ratio looks to be superior compared to peers. Company’s consistent track record of financial performance and experienced management as one of the key advantages of the Company.

Axis Capital Limited, J.P. Morgan India Private Limited, Kotak Mahindra Capital Company Limited are the global coordinators and book running lead managers and ICICI Securities Limited, Edelweiss Financial Services Limited, IIFL Securities Limited, JM Financial Limited, YES Securities (India) Limited, SBI Capital Markets Limited and BOB Capital Markets Limited are the book running lead managers to the Initial Public Offering.

Company Information

Macrotech Developers with strong footing of 570 lakh sq feet  deliveries in FY 2014-20 in India, caters to housing demands across consumer segments, delivers at scale and aims at providing quality homes to every aspiring home-buyer. The Group with its early entry in affordable and mid income housing in Mumbai region has deep understanding of the consumers segment and demonstrates 2/3 of its business from the segment. As recent as FY 2020, the affordable and mid income housing segment contributed 57.77% of the overall business for the group, further determines its strong focus and potential in the segment.

It currently has 36 ongoing projects comprising approx. 28.78 mn sq feet Developable area of which 23.57 mn sq feet is in affordable and mid income housing.

As on Dec 31,2020 it had 3803 acres with an estimated developable area of approximately 322 mn sq feet for future development in Upper Thane, Dombivali

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