Macrotech Developers IPO Fully Subscribed On Final Day
The Mumbai-based real estate developer’s issue was subscribed 1.37 times as of 5 p.m. on April 9.
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Demand from qualified institutional buyers and non-institutional investors helped Macrotech Developers Ltd.'s Rs 2,500-crore initial public offering get fully subscribed on the final day of the issue.
The Mumbai-based company's issue was subscribed 1.37 times as of 5 p.m. on April 9, according to exchange data.
Subscription Details
QIBs: 3.06 times.
Non-institutional investors: 1.45 times.
Retail investors: 0.40 times.
Employees: 0.17 times.
The IPO by Macrotech (erstwhile Lodha Developers Ltd.), in which equity shares were sold at Rs 483-486 apiece, received bids for 7.04 crore equity shares against an offer of 5.14 crore equity shares. It has also become the least subscribed issue of 2021.Research Reports On Macrotech (Lodha) IPO
Research Reports On Macrotech (Lodha) IPO
The company plans to use proceeds from the issue to repay debt worth Rs 1,500 crore and acquire land and development rights worth Rs 375 crore, and the rest for general corporate purposes. It raised Rs 740 crore from 14 anchor investors, allocating 1.52 crore shares at Rs 486 apiece.
Axis Capital, JPMorgan, Kotak Investment Banking, SBI Capital Markets, BOB Capital, ICICI Securities, Edelweiss, IIFL, JM Financial and Yes Securities were the book running lead managers.