Macrotech Developers' IPO draws mixed response from brokerages

The firm is one of India's largest developers by residential sales value for FY14 to FY20. Its core business is residential real estate development with focus on affordable and mid-income housing

The initial public offering (IPO) of Macrotech Developers, earlier known as Lodha Developers, will open today with a price band of Rs 483-Rs 486 per share. The IPO, which closes on Friday, comprises fresh issuance of 51 million equity shares worth Rs 2,480 crore. The company proposes to utilise the net proceeds from the IPO towards debt reduction of up to Rs 1,500 crore, acquisition of land or land developmental rights aggregating up to Rs 375 crore, and for general corporate purposes.

Macrotech Developers is one of the largest real estate developers in India, by residential sales value for the