New Delhi (Anish Yande): Macrotech Developers has launched its IPO for subscriptions on Wednesday. Previously known as Lodha Developers, the real estate firm is aiming to raise Rs 2,500 crore through its IPO. Here are important things to know before subscribing to the issue.
Important things to know before subscribing to the issue:
Macrotech Developers would be opening its issue for subscription from April 9.
The price band for the Macrotech Developers issue is fixed at Rs 483-486 with a face value of Rs 10 per equity share. Retail investors can bid for a minimum of one lot which consists of 30 shares. Investors can subscribe to the issue at a minimum of 30 equity shares and in multiples of 30 equity shares.
Retail investors can apply for up to 13 lots, which consist of 390 shares. The maximum lot size amounts to Rs 189,540.
50 percent of the issue is reserved for qualified institutional buyers. 15 percent of the Macrotech Developers issue is reserved for non-institutional bidders. Retail investors have a reserved portion comprising of 35 percent of the equity shares.
The fresh issue consists of a reservation of equity shares of Rs 30 crore to its employees.
The running lead managers to the issue are Edelweiss Securities, JM Financial, Bank of Baroda Capital, ICICI Securities, SBI Capital, IIFL Securities, and Yes Securities.
The real-estate firm has 91 completed projects which comprise of 77.22 million square feet of developable area. 59.13 million square feet of the developable area is in affordable and mid-income housing. Premium and luxury housing comprises of 12.15 million square feet of developable area.
Macrotech Developers would be utilizing the funds from the IPO for prepayment, or repayment of its borrowings. The real-estate firm plans to acquire land or rights for the development of land through the IPO. The rest of the funds from the issue would be utilized for general corporate purposes.
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