Macrotech Developers (Lodha Developers) IPO
The bidding for the IPO for retail investors will start on April 7, 2021. The company will raise Rs 2,500 from the maiden offer, which it will launch in the price band of Rs 483-486 apiece. IPO bidding window will remain open for two days until April 9, 2021. Macrotech Developers Ltd, which formerly known as Lodha Developers, proposes to use around Rs 1500 cores from the proceed to repay/prepay its debt to reduce the current burden. The remaining capital will help it acquire land and land development rights around Mumbai Metropolitan and Pune region.
Macrotech Developers IPO
Macrotech Developers (Lodha Developers) Limited IPO
IPO Date : 07th April 2021 - 09th April 2021
₹20/- For Intraday, F&O, Currencies & Commodities
Macrotech Developers Information
According to Liases Foras, Macrotech Developers (formerly known as Lodha Developers) was the largest Indian developer in 2017 in terms of residential sales.
Formed in 1995 in Mumbai, the company engages in developing real estate across residential and commercial segments in Mumbai Metropolitan Region, Pune, and London. It offers a diverse product range in affordable housing, luxury housing, and retail office space.
The realtor registered Rs 2,500 crores in booking in the third-quarter ending December 31, 2020.
Competitive strength
- Several decades of market experience with a track record
- As of December 2020, the company completed 91 projects comprising approximately 77.22 sq ft of developable area
- Strong execution record and presence in Mumbai and Pune with a diversified product portfolio
- Caters to a broad segment of customers in affordable and luxury residential and commercial sections
Macrotech Developers IPO Important Dates
| IPO Open Date | 07-Apr-21 |
| IPO Close Date | 09-Apr-21 |
| Basis of Allotment Date | 16-Apr-21 |
| Initiation of Refunds | 19-Apr-21 |
| Credit of Shares to Demat Account | 20-Apr-21 |
| IPO Listing Date | 22-Apr-21 |
| UPI mandate expiry date | 29-Apr-21 |
Macrotech Developers (Lodha Developers) IPO Latest News & Subscription Status Today [Live]
Macrotech Developers, previously Lodha Developers, opened their IPO yesterday. Today, 8th April, 2021, is the second day of their IPO which closes on 9th April, 2021. Each equity share is priced at Rs.483-Rs.486. The market lot size is 30 shares. The date for listing of shares is 22nd April, 2021, and the date for allotment of shares is 16th April, 2021.
Today, 9th April, 2021, is the third and final day of the Macrotech Developers IPO. Shares have been put up with a price of Rs.483-Rs.486 per equity share. The IPO lot is 30 shares. The share allotment date has been confirmed as 16th April, 2021, while the share listing date is 22nd April, 2021.
At 04:38 p.m
- This IPO has been subscribed 1.36x by 04:38 p.m. on Day 3.
- It is a public issue with 36,418,219 equity shares.
Status of Subscription
- Employee reservations: 0.17x
- (QIB) Qualified institutional buyers: 3.05x
- (RII) Retail individual investors: 0.40x
- (NII) Non-institutional buyers: 1.44x
As the Macrotech IPO draws towards a close, we continue to see steady movement in all subscription numbers. To know how this IPO fares until closing, stay tuned with us.
At 03:38 p.m
- This IPO has been subscribed 1.28x by 03:38 p.m. on Day 3.
- It is a public issue with 36,418,219 equity shares.
Status of Subscription
- (QIB) Qualified institutional buyers: 2.93x
- (RII) Retail individual investors: 0.93x
- (NII) Non-institutional buyers: 1.24x
- Employee reservations: 0.16x
The Macrotech IPO started showing more progress as the closing day advanced. As compared to the last update, all subscription figures except for employee reservations have shown movement. For more updates until closing time, stay tuned.
At 02:48 p.m
- This IPO has been subscribed 1.06x by 02:48 p.m. on Day 3.
- It is a public issue with 36,418,219 equity shares.
Status of Subscription
- (RII) Retail individual investors: 0.35x
- (NII) Non-institutional buyers: 1.10x
- (QIB) Qualified institutional buyers: 2.30x
- Employee reservations: 0.16x
Except for employee reservations, all subscription figures have risen considerably since the last update. The overall subscription number has also crossed 1 now. For more exciting updates on the Macrotech IPO, keep watching this space.
At 01:58 p.m
- This IPO has been subscribed 0.86x by 01:58 p.m. on Day 3.
- It is a public issue with 36,418,219 equity shares.
Status of Subscription
- (NII) Non-institutional buyers: 1.03x
- (RII) Retail individual investors: 0.33x
- Employee reservations: 0.15x
- (QIB) Qualified institutional buyers: 1.72x
As the afternoon of Day 3 progresses, the Macrotech IPO has been slowly and steadily moving forward in terms of subscription numbers. Most notably, QIB crossed the 1 mark and reached 1.72x. For more exciting updates on this IPO, stay tuned with us.
At 12:48 p.m
- This IPO has been subscribed 0.39x by 12:58 p.m. on Day 3.
- It is a public issue with 36,418,219 equity shares.
Status of Subscription
- (NII) Non-institutional buyers: 0.23x
- (RII) Retail individual investors: 0.31x
- Employee reservations: 0.14x
- (QIB) Qualified institutional buyers: 0.66x
In the early hours of the afternoon of Day 3, the Macrotech IPO subscription is making quite some movement. Except for QIB, all other subscription figures including NII, RII, and employees have risen since the last update. For further updates throughout the day, stay tuned.
At 11:49 a.m
- This IPO has been subscribed 0.37x by 11:49 a.m. on Day 3.
- It is a public issue with 36,418,219 equity shares.
Status of Subscription
- (RII) Retail individual investors: 0.29x
- Employee reservations: 0.13x
- (NII) Non-institutional buyers: 0.20x
- (QIB) Qualified institutional buyers: 0.66x
As we approach the afternoon of Day 3, the Macrotech IPO subscription figures are slowly moving from their undisturbed state of today morning. All 4 subscription figures have moved by a few pointers. For more updates on this IPO, stay tuned.
At 09:59 a.m
- This IPO has been subscribed 0.35x by 09:59 a.m. on Day 3.
- It is a public issue with 36,418,219 equity shares.
Status of Subscription
- Employees: 0.10x
- (NII) Non-institutional buyers: 0.19x
- (RII) Retail individual investors: 0.25x
- (QIB) Qualified institutional buyers: 0.65x
This is the final day of the Macrotech Developers IPO and there hasn’t been any movement in the subscription figures in the early hours. Stay tuned for regular updates throughout the day.
At 05:00 p.m
- This IPO has been subscribed 0.35x by 05:00 p.m. on Day 2.
- It is a public issue with 36,418,219 equity shares.
Status of Subscription
- Employees: 0.10x
- (RII) Retail individual investors: 0.25x
- (NII) Non-institutional buyers: 0.19x
- (QIB) Qualified institutional buyers: 0.65x
At the close of Day 2, the Macrotech IPO showed some considerable movement as compared to earlier in the afternoon. Employee subscriptions closed at 0.10x, NII at 0.19x, RII at 0.25x, and QIB at 0.65x. The movements in this IPO tomorrow, closing day, will be interesting to follow. Stay tuned for more details.
At 03:48 p.m
- This IPO has been subscribed 0.32x by 03:48 p.m. on Day 2.
- It is a public issue with 36,418,219 equity shares.
Status of Subscription
- Employees: 0.07x
- (RII) Retail individual investors: 0.23x
- (NII) Non-institutional buyers: 0.12x
- (QIB) Qualified institutional buyers: 0.63x
Towards the close of Day 2, QIB subscription numbers have finally moved a little bit, along with RII. NII and employees remain the same. For closing updates and more updates on this IPO tomorrow, stay tuned.
At 02:48 p.m
- This IPO has been subscribed 0.30x by 02:48 p.m. on Day 2.
- It is a public issue with 36,418,219 equity shares.
Status of Subscription
- (NII) Non-institutional buyers: 0.12x
- (RII) Retail individual investors: 0.22x
- Employees: 0.07x
- (QIB) Qualified institutional buyers: 0.58x
Once again, all subscription values for the Macrotech IPO remain largely unmoved. Only RII and employees have moved minutely this time. For further updates on this IPO, stay tuned.
At 01:48 p.m
- This IPO has been subscribed 0.29x by 01:48 p.m. on Day 2.
- It is a public issue with 36,418,219 equity shares.
Status of Subscription
- (RII) Retail individual investors: 0.21x
- (NII) Non-institutional buyers: 0.12x
- Employees: 0.06x
- (QIB) Qualified institutional buyers: 0.58x
Even at this hour, the Macrotech IPO hasn’t moved much since the last published. All values either remain the same or have moved slightly. For more updates on this IPO, stay tuned with us.
At 12:49 p.m
- This IPO has been subscribed 0.29x by 12:49 p.m. on Day 2.
- It is a public issue with 36,418,219 equity shares.
Status of Subscription
- (RII) Retail individual investors: 0.20x
- (NII) Non-institutional buyers: 0.12x
- Employees: 0.06x
- (QIB) Qualified institutional buyers: 0.58x
In the early hours of the second day afternoon, Macrotech IPO doesn’t seem to have a lot of news for us. Only employees and RII have moved slightly, with QIB and NII remaining the same as the last published update. Stay with us for more updates on this IPO.
At 12:09 p.m
- This IPO has been subscribed 0.28x by 12:09 p.m. on Day 2.
- It is a public issue with 36,418,219 equity shares.
Status of Subscription
- (RII) Retail individual investors: 0.19x
- (NII) Non-institutional buyers: 0.12x
- Employees: 0.05x
- (QIB) Qualified institutional buyers: 0.58x
The Macrotech IPO is entering the afternoon of its second day and there is hardly any notable change in the subscription status. While QIB remains stuck at the same value as yesterday, the RII, NII, and employees have shown some movement today. Stay tuned to find out how the rest of the day pans out.
At 10:49 a.m
- This IPO has been subscribed 0.28x by 10:49 a.m. on Day 2.
- It is a public issue with 36,418,219 equity shares.
Status of Subscription
- (RII) Retail individual investors: 0.18x
- (NII) Non-institutional buyers: 0.12x
- Employees: 0.04x
- (QIB) Qualified institutional buyers: 0.58x
It’s the morning of Day 2 of the Macrotech Developers IPO and there isn’t much of an update to share. Things are moving slow just as yesterday. QIB figures remain unchanged, while NII, RII, and employees are showing little movement. Stay tuned for updates from the rest of the day.
At 09:49 a.m
- This IPO has been subscribed 0.26x by 09:49 a.m. on Day 2.
- It is a public issue with 36,418,219 equity shares.
Status of Subscription
- (NII) Non-institutional buyers: 0.11x
- Employees: 0.04x
- (RII) Retail individual investors: 0.15x
- (QIB) Qualified institutional buyers: 0.58x
As compared to Day 1 morning, Day 2 morning has a similar start in store for the Macrotech IPO. Most values remain unchanged. How this IPO fares in the rest of the day would be an interesting thing to watch.
At 05:00 p.m
- This IPO has been subscribed 0.26x by 5:00 p.m. on Day 1.
- It is a public issue with 36,418,219 equity shares.
Status of Subscription
- (NII) Non-institutional buyers: 0.11x
- (RII) Retail individual investors: 0.15x
- Employees: 0.04x
- (QIB) Qualified institutional buyers: 0.58x
Macrotech Developers, formerly Lodha Developers, began their IPO on a slow note today. NII closed at 0.11x, RII at 0.15x, employees at 0.04x, and QIB at 0.58x. Stay with us to keep following the Macrotech IPO for the next two days.
At 04:18 p.m
- This IPO has been subscribed 0.26x by 4:18 p.m. on Day 1.
- It is a public issue with 36,418,219 equity shares.
Status of Subscription
- (NII) Non-institutional buyers: 0.11x
- (RII) Retail individual investors: 0.15x
- Employees: 0.04x
- (QIB) Qualified institutional buyers: 0.58x
For the Macrotech Developers IPO, QIB figures were initially rising, and have come to a halt towards the close of the day. Meanwhile, NII, RII, and employees continue their slow growth. Stay tuned for closing updates and updates for the next 2 days about this IPO.
At 02:58 p.m
- This IPO has been subscribed 0.24x by 2:58 p.m. on Day 1.
- It is a public issue with 36,418,219 equity shares.
Status of Subscription
- (NII) Non-institutional buyers: 0.10x
- (RII) Retail individual investors: 0.12x
- Employees: 0.02x
- (QIB) Qualified institutional buyers: 0.58x
Employees are showing the slowest moving progress, while NII, QIB, and RII are rising slowly and steadily. Stay tuned for further updates on the Macrotech Developers IPO.
At 01:18 p.m
- This IPO has been subscribed 0.22x by1:18 p.m. on Day 1.
- It is a public issue with 36,418,219 equity shares.
Status of Subscription
- (RII) Retail individual investors: 0.09x
- (NII) Non-institutional buyers: 0.07x
- Employees: 0.01x
- (QIB) Qualified institutional buyers: 0.58x
Still continuing its slow Day 1 run, the Macrotech IPO is certainly being closely watched. None of the numbers have moved much since morning. Stay tuned to find out how this IPO performs in the rest of the day.
At 12:19 p.m
- This IPO has been subscribed 0.19x by 12:39 p.m. on Day 1.
- It is a public issue with 36,418,219 equity shares.
Status of Subscription
- (RII) Retail individual investors: 0.08x
- (NII) Non-institutional buyers: 0.07x
- Employees: 0.01x
- (QIB) Qualified institutional buyers: 0.58x
The Macrotech Developers IPO is off to a slow start on Day 1, with early afternoon figures also remaining a lot less changed than opening figures. Let’s wait and watch how the rest of the day pans out for Macrotech Developers.
At 11:19 a.m
- This IPO has been subscribed 0.19x by 11:19 a.m. on Day 1.
- It is a public issue with 36,418,219 equity shares.
Status of Subscription
- (RII) Retail individual investors: 0.05x
- (NII) Non-institutional buyers: 0.00x
- Employees: 0.01x
- (QIB) Qualified institutional buyers: 0.58x
At what’s only the beginning of the Macrotech Developers IPO, all numbers except for NII seem to climbing at a slow pace. Since this IPO was much-anticipated, we’re keen to know how it fares in the rest of day.
At 10:19 a.m
- This IPO has been subscribed x by 10:19 p.m. on Day 1.
- It is a public issue with 36,418,219 equity shares.
Status of Subscription
- (NII) Non-institutional buyers: 0.00x
- Employees: 0.00x
- (RII) Retail individual investors: 0.01x
- (QIB) Qualified institutional buyers: 0.00x
This is just the beginning of the much-touted Macrotech Developers IPO, and not much can be said at the moment. Almost all numbers are unmoved as of now, but what happens in the next few hours remains to be seen.
Report from our researchers
MACROTECH DEVELOPERS LIMITED (LODHA) is one of the largest real estate developers in India, by residential Sales value for the financial years 2014 to 2020. Its core business is residential real estate developments with a focus on affordable and mid-income housing. In 2019, it forayed into the development of logistics and industrial parks and entered into a joint venture with ESR, it also developed commercial real estate, including as part of mixed-use developments.
Positives: (a) One of India’s largest residential real estate developers, Lodha having a market share of more than 10% in micro markets of MMR Market (b) Diversified portfolio across price points and micro-markets in the MMR with a focus on affordable and mid-income housing. (c) Change in customer preference of buying ready to move inventory will help the company to increase its market share in MMR region as the company has significant inventory of completed units. (d) We have seen a very good housing demand after the sector was hit by the covid pandemic, sales momentum to continue for Lodha developers in near future.
Investment concerns: (a) Lodha developers having a net debt of 16700 crores as on 31st December 2020, any downturn in industry may affect the company significantly. (b) Company product portfolio is too concentrated on the residential market of MMR region any change in rule and regulation by authority may affect the company significantly. (c) Company not able to generate significant positive cash flow for the shareholder in the last 3 years and may continue to have negative cash flows in the near future.
Outlook & Valuation: Company has a strong brand in affordable and mid income housing projects, but is not able to deliver the growth in sales and free cash flow in the last couple of years. The company has posted sales degrowth of 68% in 9MFY21 and reported a negative profit after tax of 265 crores. Given weak revenue growth in the past and leverage balance sheet we assign a "NEUTRAL" rating to the IPO
Company core competency lies in professionally managing the real estate value chain as we have in-house capabilities to deliver a project from conceptualization to completion. Its brands include “Lodha”, “CASA by Lodha” and “Crown – Lodha Quality Homes” for affordable and midincome housing projects, the “Lodha” and “Lodha Luxury” brands for premium and luxury housing projects, and the “iThink”, “Lodha Excelus” and “Lodha Supremus” brands for office spaces. Lodha group has been involved in the real estate business since 1986. It commenced its operations in Mumbai, developing affordable housing projects in the suburbs of Mumbai, and later diversified into other segments and regions in the MMR and Pune. Its large townships are located at Palava (Navi Mumbai, Dombivali Region) and Upper Thane (Thane outskirts).
The issue comprises of fresh issues of up to Rs. 2500 crore in the price band of `483-486.
Pre and post IPO shareholding pattern
| No. of shares | (Pre-issue) | % | (Post-issue) | % |
|---|---|---|---|---|
| Promoter | 395,878,000 | 100.0 | 350,352,030 | 88.5 |
| Public | 0 | 0 | 96,966,299 | 11.5 |
| Total | 395,878,000 | 100.0 | 447,318,329 | 100.0 |
Objectives of the Offer
- Repayment/ Reduction of the aggregate outstanding borrowings of our Company on a consolidated basis
- Acquisition of land or land development rights
- General corporate purpose
Mukund Manohar Chitale, aged 71 years, is an Independent Director and Chairman of the Company. He holds a bachelor’s degree in commerce from the University of Mumbai and is a qualified Chartered Accountant. He was appointed as an Independent Director of the Company with effect from November 23, 2016. He has nearly 43 years of experience as a practicing Chartered Accountant. He is a fellow member of ICAI and has served as the President of ICAI in the year 1997-1998. He was also the Chairman of the Ethics Committee of BSE. He was a member of Advisory Board on Bank, Commercial and Financial Frauds of Central Vigilance Commission
Abhishek Mangal Prabhat Lodha, aged 41 years, is the Managing Director and Chief Executive Officer of Company. He holds a master’s degree in science (industrial and systems engineering (supply chain & logistics) from Georgia Institute of Technology. He was appointed as the Managing Director of the Company with effect from March 9, 2016 and was reappointed as ‘Managing Director and Chief Executive Officer’ with effect from March 1, 2018.
Rajendra Narpatmal Lodha, aged 54 years, is a Whole-Time Director of the Company. He holds a bachelor's degree in civil engineering from M.B.M. Engineering College, University of Jodhpur, Jodhpur. He ceased to be the Director of the Company from March 9, 2016 and was re-appointed with effect from June 21, 2016.
Rajinder Pal Singh, aged 69 years, is a Non-Executive Director of the Company. He holds a post graduate degree in mathematics from Advanced Centre for Pure Mathematics, Punjab University, Chandigarh.
Raunika Malhotra, aged 41 years, is a Whole-Time Director of the Company. She is President – Marketing and Corporate Communications of the Lodha group. She has been with the Lodha group for 12 years, including two years as Deputy Regional Chief Executive Officer. She holds a bachelor’s degree in engineering (electronics and telecommunication branch) from the University of Pune and a post-graduate diploma in industrial engineering from the National Institute of Industrial Engineering, Mumbai.
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In case you have not been allotted or for any partial allotment of IPO shares, the blocked amount, if any, will be unblocked/released on or before UPI mandate expiry date as mentioned in the above table. Please reach out to your bank in case funds are not unblocked/released post the mandate expiry date.
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