Lodha Developers IPO: Date, Subscription, Price Band and more, check full details here

Lodha Developers IPO Date and more: Macrotech Developers previously known as Lodha Developers has opened for initial public offering (IPO) subscription on Wednesday, April 7 and will end on Friday, April 9, 2021.

Lodha Developers IPO has been set at price band between Rs 483-486 per share. Lodha Developers aims to raise around Rs 2,500 crore from the primary market.

This is the third such attempt of Lodha Developers to launch an IPO of the company. It first attempted in 2008 and 10 years later in 2018, however, it failed both the times amid uncertain and unfavourable market conditions.

Lodha Developers was founded by Mangal Prabhat Lodha was incorporated in 1995. It is one of the largest real estate developers and is in the business of affordable residential real estate projects among others.

The latest attempt to launch an IPO of the company also comes during the uncertainty in the market amid the covid pandemic. The listing gains for fresh issues so far have declined.

Lodha Developers has price the issue competitively compared to its peers and other IPOs that has been launched in the recent past.

The realty company proposes to utilise the net proceeds from the issue towards reduction of debt amounting up to Rs 1,500 crore, acquisition of land/land developmental rights aggregating up to Rs 375 crore and for general corporate purposes, mentions the details given on the red herring prospectus available on the National Stock Exchange (NSE).