Macrotech Developers Subscribed 27%, QIB Portion Booked 59% On Day 1

Macrotech Developers Subscribed 27%, QIB Portion Booked 59% On Day 1
08/04/2021 , by , in News/Views

Affordable and Mid Income Housing focused Macrotech Developers Limited also known as Lodha Developers; received bids of 9,591,420 shares against the offered 36,193,415 equity shares..

The portion reserved for retail investors was subscribed 0.15 times. While the Qualified Institutional Buyer category was subscribed 0.59 times, the Non-Institutional Investor category was subscribed 0.11 times. 

The total size of the offer is Rs. 2500 cr at the upper price band of Rs. 486 per share. The IPO is a fresh issuance of equity shares of Rs 10 face value aggregating up to Rs. 2500 crore. The minimum bid lot is of 30 equity shares, thereafter in multiples of 30 equity shares.  The price band has been fixed at Rs. 483 – Rs. 486 per Equity Share.

The Company raised Rs. 740 Cr through 14 anchor investors. 12 Foreign Portfolio Investors who participated in the anchor were Capital Group; Nomura; Ivanhoe Cambridge, real estate arm of CDPQ; Wellington Asset Management,; Abu Dhabi Investment Authority, Abu Dhabi’s sovereign fund; Platinum Asset Management, Marshall Wace, Brookfield Asset Management, Segantii, York, Oxbow and Discovery. These investors were allocated approximately 1.45 Cr. shares for approximately Rs 705 Cr. 2 domestic investors including 1 mutual funds were allocated approximately 7.3 Lakh shares for approximately INR 35.3 Cr. These included HDFC Mutual Fund and Premji Invest, India’s largest family office.

Axis Capital Limited, J.P. Morgan India Private Limited, Kotak Mahindra Capital Company Limited are the global coordinators and book running lead managers and ICICI Securities Limited, Edelweiss Financial Services Limited, IIFL Securities Limited, JM Financial Limited, YES Securities (India) Limited, SBI Capital Markets Limited and BOB Capital Markets Limited are the book running lead managers to the Initial Public Offering.

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