Macrotech Developers share sale via initial public offering (IPO) was subscribed 29 per cent till 2:00 pm on the second day of the issue. Macrotech Developers received total bids of 1,06,23,810 for 3,64,18,219 shares on offer, data from National Stock Exchange showed. A total of 29,38,320 bids were received at the cut-off price, the data showed.
Investors can bid for a minimum one lot of 30 shares, translating into the minimum application size of Rs 14,580 per lot at the higher end of the price band. The maximum application size per individual is 13 lots.
The company plans to use the IPO proceeds to pare its debt obligations and buy land for future growth.
Macrotech Developers, formerly known as Lodha Developers is planning to raise Rs 2,500 crore via IPO and is selling shares in the price band of Rs 483-486 per share. The shares are likely to be listed on the BSE and NSE on April 22, 2021.
The Macrotech IPO will be the largest property public issue after DLF, which went public in the year 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 primarily engaged in affordable residential real estate developments and in 2019, it entered into the development of logistics, industrial parks and commercial real estate. It is also known for luxury projects such as Trump Towers in Mumbai and Grosvenor Square in London.