Mumbai-based Macrotech Developers Ltd (erstwhile Lodha Developers Ltd) is all set to launch its initial public offering (IPO) for subscription on April 7. The Rs 2,500-crore issue will close on April 9.
This is the company's third attempt to launch an IPO after it failed to raise Rs 2,800 crore in September 2009 due to global recession and then later in 2018 because of adverse market conditions.
Here are key details on the issue:
About Macrotech Developers
Macrotech Developers is amongst the largest real estate developers in India by residential sales value for fiscal 2014 to 2020. As of December 31, 2020, it has completed approximately 77.2 million square feet of developable area across 91 projects. It has 54 ongoing and planned projects having approximately 73.8 million square feet of developable area.
In 2019, Macrotech Developer’s forayed into the development of logistics and industrial parks and entered into a joint venture with ESR Mumbai 3 Pte. Ltd (ESR), a subsidiary of ESR Cayman Ltd, an Asia Pacific-focused logistics real estate platform.
The company’s listed peers are Brigade Developers, DLF, Godrej Properties, Oberoi Realty, Prestige Estates Projects, Sobha and Sunteck Realty.
The core business of Macrotech Developers is residential real estate developments with a focus on affordable and mid-income housing.