Macrotech Developers (formerly Lodha Developers) is planning to launch its ₹2,500-crore Initial Public Offering (IPO) in April, even as the property developer would look at raising ₹500 crore through pre-IPO placement. This would be the third attempt by the company to raise funds through an IPO.
The real estate firm, which had filed a draft red herring prospectus with the market regulator on February 16, expects to get all approvals “soon”, following it will roll out the IPO, sources close to the development said.
The company is expected to hit the markets by April 10, they added.
Macrotech is the country’s largest residential developer, with sales and collection of ₹50,000 crore over the past seven years.
Axis Capital Ltd, JP Morgan India Private Ltd and Kotak Mahindra Capital Company Ltd are the global Book Running Lead Managers (BRLMs) and ICICI Securities Ltd, Edelweiss Financial Services Ltd, IIFL Securities Ltd, JM Financial Ltd, Yes Securities Ltd, SBI Capital Markets Ltd and BOB Capital Markets Ltd are the BRLMs.
When contacted, a company spokesperson declined to comment.
The company intends to repay ₹1,500 crore of its total debts and use ₹375 crore to acquire land and general corporate purposes.
As of December 31, 2020, Macrotech had completed projects 91 comprising about 77.22 million sq ft of developable area, of which 59.13 million sq ft is in affordable and mid-income housing, 12.15 million sq ft is in premium and luxury housing, 5.21 million sq ft is in office space and 0.74 million sq ft is in retail space.
Earlier in September 2009, the company had first filed DRHP to raise about ₹2,800 crore, for which it got SEBI approval in January 2010. Later in April 2018, the company filed another DRHP to launch a ₹5,500 crore IPO, for which it got SEBI approval in July 2018. Both the times, the company shelved its IPO plans, “unfavourable market conditions”.