Macrotech Developers Limited IPO to open on April 7, 2021, closes on April 9, 2021

·        Price Band of Rs. 483 – Rs. 486 per equity share of face value of Rs. 10 each (“Equity Share”)

·         Bid/Offer Opening Date – Wednesday, April 7, 2021 and Bid/Offer Closing Date – Friday, April 9, 2021

·         Minimum Bid Lot is 30 equity shares and in multiples of 30 equity shares thereafter

·         The Floor Price is 48.3 times the face value of the Equity Shares and the Cap Price is 48.6 times the Face Value of the Equity Shares

 

ASBA BAND

 

Risks to Investors: • The three Global Co-ordinators Book Running Lead Managers and seven Book Running Lead Managers associated with the Issue have handled 53 public issues in the past 3 years out of which 18 issues closed below the issue price on listing date.• The Price/Earnings ratio based on diluted EPS for Fiscal 2020 for the Company at the upper end of the Price band is 26.33.• Weighted Average Return on Net Worth for Fiscals 2020, 2019 and 2018 is 41.8%.• Average Cost of acquisition of Equity Shares of our Promoters Mr. Rajendra Narpatmal Lodha, Sambhavnath Infrabuild and Sambhavnath Trust is ₹ 760, ₹ 24.17 and NIL respectively and the Issue Price at the upper end of the Price Band is ₹ 486 per Equity Share.

 

Mumbai, April 1, 2021: Macrotech Developers Limited (erstwhile Lodha Developers Limited), a Mumbai based real estate developer will open the bid/offer period in relation to its initial public offering of Equity Shares (the “Issue”/ “IPO”) on Wednesday, April 7, 2021 and close on Friday, April 9, 2021.


The price band for the offer has been determined at Rs. 483 – Rs. 486 per equity share. The company may, in consultation with the Global Co-ordinators Book Running Lead Managers and book running lead managers (the “Managers”), consider participation by anchor investors which shall be one working day prior to the bid/offer opening date, i.e. Tuesday, April 6, 2021.

 

The IPO is a fresh issuance of equity shares of Rs 10 face value aggregating up to Rs. 2500 crore. The fresh issue includes a reservation of equity shares aggregating up to Rs. 30 crores to eligible employees (Employee Reservation Portion) and the net issue (i.e Issue less Employee Reservation Portion) will be as follows: not more than 50% qualified institutional buyers (QIB), not less than 15% to non-institutional bidders and not less than 35% to retail individual bidders. For details, refer to the red herring prospectus dated March 31, 2020 (“RHP”) filed by the company in relation to the IPO.

 

The Company proposes to utilize the net proceeds from the fresh issue towards reduction of aggregate outstanding borrowings of the Company amounting up to Rs 1500 cr, acquisition of land or land developmental rights aggregating up to Rs 375 cr and for general corporate purposes.

 

The company is amongst the largest real estate developers in India by residential sales value for the fiscal 2014 to 2020 (Source: Anarock report). As of December 31, 2020, it has completed approximately 77.2 million square feet of developable area across 91 projects.  It has 54 ongoing and planned projects having approximately 73.8 million square feet developable area. Its strength lies in its core business of residential real estate developments with a focus on affordable and mid-income housing. In 2019, Macrotech Developer’s forayed into the development of logistics and industrial parks and entered into a joint venture with ESR Mumbai 3 Pte. Limited (“ESR”), a subsidiary of ESR Cayman Limited, an Asia Pacific focused logistics real estate platform. (Source: Anarock Report).

 

Axis Capital Limited, J.P. Morgan India Private Limited, Kotak Mahindra Capital Company Limited are the global coordinators and book running lead managers to the Issue. 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 Issue.

 

All capitalized terms used herein and not specifically defined shall have the same meaning as ascribed to them in the RHP.

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