09 Apr , 2021 By : Kanchan Joshi
MUMBAI: The initial public offering (IPO) of Macrotech Developers Ltd, earlier known as Lodha Developers, was subscribed 103% as of 14:20 IST on Friday - the final day of the bidding.
The IPO saw a robust response, led by qualified institutional buyers and non-institutional investors.
According to data available with the stock exchanges, the portion set aside for qualified institutional buyers (QIBs) received 22.99 million bids against 10.16 million on offer, while that reserved for non-institutional investors received 8.27 million bids versus 7.62 million on offer.
The retail portion saw tepid response, with 34% subscription.
Retail investors have participated heavily in IPOs over the past year amid a strong recovery in equity markets from the pandemic-induced lows of March.
Lodha Group, India’s largest real estate developer by residential sales, said it registered over Rs2,500 crore worth of bookings in the quarter ended 31 December. The firm saw increased demand for luxury and premium homes, clocking around Rs1,000 crore of bookings in this segment, while the mid-income and affordable business fetched Rs1,500 crore worth of bookings during the period.
As of December, the company had 91 completed projects comprising approximately 77.22 mn sq.ft of developable area, of which 59.13 mn sq ft was in the affordable and mid-income housing segment, 12.15 mn sq ft in premium and luxury housing, 5.21 mn sq ft is in office space, and 0.74 mn sq ft in the retail space.
The company had a debt of Rs18,662.20 crore as of December. The company expects to utilise about 60% of the IPO proceeds to trim its debt.
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