Macrotech Developers Limited (Lodha Group) (formerly Lodha Developers) is taking another stab at listing on the bourses on the back of a sharp surge in residential sales and improved investor sentiment and demand, people with direct knowledge of the matter told Moneycontrol. “Their IPO plans are now back on track and they have engaged investment banks Axis Capital and JP Morgan as advisors. Preliminary work has begun and the plan is to file the DRHP (draft red herring prospectus) by March 2021. More bankers are likely to be added at a later stage,” said one of the persons cited above. “The markets are flush with liquidity and the firm has clocked record sales in the past few months. As of now, the plan is to raise between INR 20 billion to INR 30 billion via the proposed IPO via a fresh issue of shares, but the issue size has not yet been finalised,” a second person added. A third person confirmed the renewed IPO plans of the Lodha Group. All the three persons spoke to Moneycontrol on the condition of anonymity. Moneycontrol sent an email query to the Lodha Group on its IPO plans. When contacted on the phone, a company spokesperson declined to comment. JP Morgan declined to comment, and an email sent to Axis Capital did not elicit a response.
Macrotech Developers Limited is engaged in the business of real estate property development in India and the United Kingdom. The Company has a portfolio of housing projects, premium and luxury housing projects, industrial and logistics park segments. Its housing projects include Palava (Navi Mumbai, Dombivali Region), Upper Thane (Thane outskirts), Amara (Thane), Lodha Sterling (Thane), Lodha Luxuria (Thane), Crown Thane (Thane), Bel Air (Jogeshwari), Lodha Belmondo (Pune), Lodha Splendora (Thane) and Casa Maxima (Mira Road). Its townships are located at Palava (Navi Mumbai, Dombivali Region) and Upper Thane (Thane outskirts). Its premium and luxury housing projects include Lodha Park (Worli), Lodha World Towers (Lower Parel), Lodha Venezia (Parel) and New Cuffe Parade (Wadala). In addition, it has projects under the Lodha Luxury brand, which comprises small-scale, high-value developments such as Lodha Altamount (Altamount Road), Lodha Seamont (Walkeshwar) and Lodha Maison (Worli).