Macrotech Developers, formerly known as Lodha Developers, is expected to finalise the share allotment of its initial public offer (IPO) next week. The issue opened on April 7 and closed on April 9 after being subscribed 1.36 times. This was the first IPO of the ongoing financial year.
As per the schedule listed in the IPO prospectus, Macrotech Developers will finalise the basis of allotment on April 16 in consultation with merchant bankers.
Investors can check the status of their application on the BSE website. In the search section of the portal, they need to select equity and enter Macrotech Developers in the search bar. Then, enter 'application number' and 'PAN' to check the status.
They can also check the allotment status on IPO registrar's website. Here they need to select Macrotech Developers in the dropdown menu. Then enter PAN, application number and DP client ID to check application status.
Macrotech Developers, one of the biggest real estate players in the country, saw its IPO close after being subscribed 1.36 times on the back of enthusiastic response from qualified institutional buyers. The IPO received bids for 4.95 crore equity shares against issue size of 3.64 crore equity shares. The price band of the issue was Rs 483-486 per equity share.
Qualified institutional buyers put in bids for 3.05 times of their IPO portion and non-institutional investors submitted bids for 1.44 times of the reserved portion. The portion reserved for retail investors was subscribed 40 per cent. The portion reserved for employees was subscribed 17 per cent. The company reserved Rs 30 crore worth of equity shares for its employees.
The company allocated 1.52 crore shares at Rs 486 per share to anchor investors. On April 6, the realty firm raised Rs 740 crore from 14 anchor investors including global long only, pension funds, sovereign wealth funds multi-strategy and domestic mutual funds.
Macrotech Developers plans to raise Rs 2,500 crore through the share sale. Promoters of the firm hold 100 per cent stake in the firm. They plan to sell 10 per cent stake by issuing 51,440,328 equity shares of Rs 10 face value during the IPO.
After allotment of shares on April 16, the equity shares will be credited to investors' demat accounts on April 20, and the stock will be listed on the stock exchanges on April 22.
(Edited by Vivek Punj)
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