Ahead of IPO, Macrotech Developers raises Rs 741 crore from anchor investors

IPO

Marquee names among foreign portfolio investors participated in the anchor book were American Funds Insurance, Ivanhoe OP India Inc, Bayvk A2 Fonds, Wellington Trust Company Brown Advisory and Government of Singapore.

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Real estate company Macrotech Developers, formerly known as Lodha Developers, has raised Rs 741 crore from 21 anchor investors on April 6, a day ahead of the issue opening. This is the first company to launch IPO in the current financial year 2021-22.

It informed exchanges that it has allocated more than 1.52 crore equity shares to anchor investors, at Rs 486 per share, the higher end of price band.

Marquee names among foreign portfolio investors participated in the anchor book were American Funds Insurance, Ivanhoe OP India Inc, Bayvk A2 Fonds, Wellington Trust Company Brown Advisory, Government of Singapore, Oxbow Master Fund, Segantii India Mauritius, Citigroup Global, Abu Dhabi Investment Authority, Platinum Asia Investments, Colonial First State Investments, Societe Generale and Morgan Stanley Asia.

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Domestic investor HDFC Trustee received 2.1 lakh equity shares in the anchor book.

Macrotech Developers is planning to raise Rs 2,500 crore through its public issue. The net issue proceeds will be utilised for repaying of debts, and acquisition of land or land developmental rights. The price band for the offer has been fixed at Rs 483-486 per share.

Also read – Macrotech Developers IPO: 10 key things to know before subscribing the issue

The company has 91 completed projects as of December 2020, comprising approximately 77.22 million square feet of developable area, of which 59.13 million square feet is in affordable and mid-income housing, 12.15 million square feet is in premium and luxury housing.

Axis Capital, JP Morgan India, Kotak Mahindra Capital Company are the global coordinators and book running lead managers. ICICI Securities, Edelweiss Financial Services, IIFL Securities, JM Financial, YES Securities (India), SBI Capital Markets and BOB Capital Markets are the book running lead managers to the initial public offering.