Macrotech Developers IPO subscribed at 29% on the second day


Macrotech was founded by billionaire Mangal Prabhat Lodha in Mumbai.

The sale of shares of Macrotech Developers via the initial public offering (IPO) was subscribed at 29% until 2:00 p.m. on the second day of the issue. Macrotech developers received total bids of 1,06,23,810 for 3,64,18,219 shares offered, according to National Stock Exchange data. A total of 29,38,320 bids were received at the cut-off price, according to the data.

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Investors can bid for a minimum of a lot of 30 shares, which translates to a minimum bid size of Rs 14,580 per lot at the high end of the price range. The maximum application size per person is 13 batches.

The company plans to use the proceeds of the IPO to reduce debt and buy land for future growth.

Macrotech Developers, formerly known as Lodha Developers, plans to raise Rs 2,500 crore via IPO and sells shares in the price range of Rs 483-486 per share. The shares will likely be listed on the BSE and NSE on April 22, 2021.

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Macrotech’s IPO will be the largest public real estate issue after DLF, which went public in 2007. Its listed peers include DLF, Godrej Properties, Oberoi Realty, Sobha and Sunteck Realty.

Macrotech was founded by billionaire Mangal Prabhat Lodha in Mumbai. The company is mainly engaged in affordable residential real estate developments and in 2019 it entered the development of logistics, industrial parks and commercial real estate. He is also known for luxury projects such as Trump Towers in Mumbai and Grosvenor Square in London.

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