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.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.