Lodha raises Rs 740 crore from 14 anchor buyers earlier than IPO

MUMBAI: Macrotech Builders (earlier often known as Lodha Builders), one of many largest residential actual property corporations within the nation, on Tuesday allotted about 1.5 crore shares to a clutch of overseas and home buyers in pre-IPO placement to lift Rs 740 crore.
The shares had been allotted on the higher finish of the IPO value band of Rs 483-486 per share. The Rs 2,500-crore IPO of Macrotech will open on Wednesday.
The 12 overseas portfolio buyers (FPIs) who participated within the pre-IPO placement, additionally referred to as anchor allotment, had been one of many largest FPI buyers in India — Capital Group, Japanese main Nomura, the true property arm of CDPQ of Canada — Ivanhoe Cambridge, sovereign fund Abu Dhabi Funding Authority, and one of many world’s largest actual property funds Brookfield Asset Administration, the corporate stated.
There have been two home buyers — HDFC Mutual Fund and Premji Make investments, which is India’s largest household workplace. On the higher finish of the IPO value band, Macrotech may have a market capitalisation of about Rs 21,750 crore.
DLF, with a market capitalisation of Rs 69,024 crore and Godrej Properties with Rs 38,106 crore, are at present valued greater than Macrotech’s estimated valuation.
Axis Capital, J P Morgan and Kotak Funding Banking are among the many 10 service provider bankers managing the provide.

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