Mumbai-based premium housing player Lodha Developers Ltd is looking to raise between Rs 2,000 crore and Rs 3,000 crore through an Initial Public Offer (IPO) and is expected to file its Draft Red Herring Prospectus (DRHP) next week.
Sources familiar with the company’s plans said Lodha would file the DRHP within a few days and is looking at listing during the first quarter next year. Sources said the company, which has annual revenues of around Rs 1,000 crore, will utilise about 20 per cent of the funds raised for retiring debts and the rest for developing various projects and expansion. Company officials declined to comment on the IPO plan.
Lodha Developers is working on about 40 projects, the bulk of which are residential properties. It is also working on some commercial projects.
Sources said Lodha, which has debts of around Rs 1,000 crore, is looking at utilising the funds raised through the IPO over a period of 12-18 months.
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