Lodha IPO: Macrotech Developers to launch Rs 2,500 cr IPO
Lodha Group's real estate arm—Macrotech Developers Ltd, earlier known as Lodha Developers, is set to launch its Rs 2,500 crore initial public offering (IPO) on April 7.
Sources told the media that the company would file its red herring prospectus with the Registrar of Companies. The IPO will close on April 9, the source said, adding that the issue has received final approval from the Securities and Exchange Board of India (SEBI).
Macrotech has not raised any pre-IPO funding, even though the draft prospectus included a provision to raise up to Rs 500 crore through the route, the source added.
The developer had filed its first share sale document in September 2009 to raise around Rs 2,800 crore but shelved the plan after the 2008 global financial crisis. In 2018, the company filed for an IPO again, aiming to raise around Rs 5,500 crore.
As we reported earlier, as per the draft prospectus filed last month, the company proposes to utilise an estimated Rs 1,500 crore from the net proceeds for prepayment, repayment or redemption of all or a portion of borrowings availed by the company and some of its subsidiaries.