Macrotech Developers will utilise the IPO proceeds to repay debts and acquire landMacrotech Developers (formerly Lodha Developers)' shares debuted at a 10 per cent discount to the issue price in a weak market amid a spike in coronavirus cases across the country.
The share price started off the session at Rs 439 on the BSE, lower by 10 per cent as against issue price of Rs 486.
At 10:25 am, the shares of Macrotech Developers were trading off their intra-day lows at Rs 457 on the BSE and Rs 460 on the NSE.The Rs 2,500-crore initial public offering (IPO), which was open between April 7 and April 9,was subscribed 1.36 times; the qualified institutional buyers portion was subscribed 3.05 times, non-institutional investors segment, 1.44 times and retail participants' portion, 40 per centMacrotech Developers will utilise the IPO proceeds to repay debts and acquire land.Macrotech Developers, founded by Mangal Prabhat Lodha in Mumbai, is primarily engaged in affordable residential real estate.
It has, however, also made a mark in the luxury housing space through projects such as Trump Towers in Mumbai and Grosvenor Square in London.ICICI Securities, Edelweiss Financial Services, IIFL Securities, JM Financial, YES Securities, SBI Capital Markets and BOB Capital Markets are the book running lead managers to the public issue of Macrotech Developers, whereas Link Intime India is the registrar to the issue.