Lodha Developers looking to raise up to Rs. 6000 crore via IPO: Reports
Realty major Lodha Developers has revived plans to launch an initial public offer (IPO) and will soon approach market regulator Sebi with a fresh prospectus as it looks to raise Rs 3,000 to Rs 6,000 crore including by pre-IPO placement of shares.
The real estate developer has hired Citic CLSA, Kotak and Morgan Stanley for the IPO, according to reports. The Mumbai-based developer had filed draft red herring prospectus (DRHP) with Sebi in September 2009 to raise about Rs 2,800 crore. The company got the Sebi nod in January 2010, but later shelved its plan to launch the IPO due to bad market conditions post the global financial crisis.
Lodha is currently developing an estimated 43 million square feet of real estate and has 28 ongoing projects across London, Mumbai, Pune, Hyderabad and Bangalore, according to its website.