Representational image/IPO
Representational image/IPO

Mumbai-based realty company Macrotech Developers got listed today (April 19). But the share of the company opened for the first trade with 10 per cent discount to the issue price. The initial public offering (IPO) of the company received a lukewarm response.

Formerly known as Lodha Developers, was listed today at a time when the market is down more than 1,000 points. The IPO opened for subscription on April 7 and closed on April 9. The shares were allotted on April 16. The price band of the issue was Rs 483-486 per share.

On the final day of bidding, the IPO was subscribed 1.36 times with investors bidding for 4.95 crore equity shares against an issue size of 3.64 crore equity shares.

The portion reserved for retail investors was subscribed 40 per cent. The portion reserved for employees has subscribed 17 per cent. Meanwhile, Rs 30 crore worth of equity shares were reserved for its employees.

The company which planned to raise Rs 2,500 crore through public issue, witnessed the lowest subscription since October 2019.

At 11.14 am, the share of the company is trading at Rs 462.20 per piece up by Rs 23.20 or 5.28 per cent from the listing price.

Macrotech Developers with a footing of 570 lakh sq feet deliveries in FY 2014-20 in India, caters to housing demands across consumer segments, delivers at scale and aims at providing quality homes to every aspiring home-buyer. The Group with its early entry in affordable and mid-income housing in the Mumbai region.

As recent as FY 2020, the affordable and mid-income housing segment contributed 57.77 per cent of the overall business for the group, further determines its strong focus and potential in the segment.

It currently has 36 ongoing projects comprising approximately 28.78 mn square feet developable area of which 23.57 mn sq feet is in affordable and mid-income housing.

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Free Press Journal