2,500 crore new shares will be floated in the IPO of Macrotech Developers.
The IPO of MacroTech Developers (formerly Lodha Developers, Lodha Developers) will close on 9 April.
2,500 crore new shares will be floated in the IPO of Macrotech Developers. Macrotech plans to use this amount to reduce borrowings of up to Rs 1,500 crore and to acquire rights up to Rs 375 crore to acquire land or develop land. The remaining amount will be spent on the normal functioning of the company. Significantly, the stock markets of the country have started recovering from the Corona epidemic. In view of this, companies are continuously launching IPOs. So far, 11 IPOs have come this year.
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21,000 crore rupees market cap of macrotech developers, will be the third major company after listingAt the upper level of the price range, the market cap of Macrotech will be Rs 21,470 crore. The developer of Mumbai will be the third largest listed realty company after DLF and Godrej Properties. It will be slightly ahead of Oberoi Realty.
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The country’s largest real estate developers include macrotech developers
According to the company’s prospectus draft (DRHP), Macrotech is among the largest real estate developers in the country in terms of residential sales value in India (2014 to 2020). The main business of macrotech developers is to develop residential real estate and its focus is on affordable and middle income housing.
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Residential projects are in Mumbai and Pune
In the year 2019, the company ventured into the field of developing logistics and industrial parks. Macrotech also develops commercial real estate. Currently the company’s residential projects are in Mumbai and Pune.