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Lodha Developers to soon file papers with Sebi for IPO, to raise Rs 55 bn

According to sources, the company is looking to raise about Rs 55 billion through its IPO, including pre-placement of shares

Press Trust of India  |  New Delhi 

IPO

Realty major will soon file draft prospectus with regulator to launch its to raise about Rs 55 Lodha Developers mainly for repaying its debt, sources said.

Mumbai-based has revived its plans to launch an initial public offer (IPO) and will soon file draft red herring prospectus (DRHP) with

The company had filed its DRHP in September 2009 to raise about Rs 28 billion. It received Sebi's nod in January 2010, but later shelved its plan to launch the due to bad conditions post the global financial crisis.

A Lodha spokesperson declined to comment on the plan.

In July last year, MD Abhishek Lodha had said the company is reviving IPO plans.

"We are aiming for listing in calendar year 2018 and shall approach in the next 6-9 months," he had said, but refused to share the amount the company wanted to raise.

According to sources, the company is looking to raise about Rs 55 billion through its IPO, including pre-placement of shares.

The group achieved sales bookings of about Rs 85 billion during 2016-17 fiscal from both domestic and London despite slowdown in the real estate

In July, Abhishek Lodha had said its Indian debt stood at Rs 145 billion, while the debt of the London business was about 300 million pounds.

Privately-held Lodha Group is currently developing around 40 million sq ft area and has 31 ongoing projects in London, Mumbai Metropolitan Region, Pune, Bengaluru and Hyderabad. It has a land bank of 350 million sq ft for future development.

The group had forayed into the London realty market in 2013 and acquired two prime sites in central London for an investment of about 400 million pounds.

Lodha UK is eyeing a sales revenue of 1.5 billion pounds (over Rs 120 billion) from two ongoing housing projects in central London.

First Published: Thu, April 26 2018. 17:35 IST
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