Lodha group's Rs 2,500 crore IPO subscribed 35% on penultimate day

The IPO of Macrotech Developers, also known as Lodha Developers, was subscribed 35 per cent on Thursday, a day ahead of its close. Most of the bids so far have come from qualified institutional buyers (QIB).

The QIB segment of the IPO was subscribed 66 per cent, high net worth (HNI) portion was subscribed 25 per cent and retail portion was subscribed 19 per cent. Typically, most bids for an IPO come on the closing day.

The Mumbai-based developer is looking to issue fresh shares worth Rs 2,500 crore in the IPO. The company will use the IPO proceeds to reduce debt and for land acquisition. The IPO price band for the IPO is Rs 483–486 per equity share.

At the top-end of the price band, Marcotech will have a post-diluted market capitalisation of Rs 21,740 crore.