Realty major Lodha Developers has revived plans to launch an initial public offer (IPO) and will soon approach market regulator Sebi with a fresh prospectus as it looks to raise Rs 3,000 to Rs 6,000 crore including by pre-IPO placement of shares. The Mumbai-based developer had filed draft red herring prospectus (DRHP) with Sebi in September 2009 to raise about Rs 2,800 crore. The company got the Sebi nod in January 2010, but later shelved its plan to launch the IPO due to bad market conditions post the global financial crisis.
According to sources, Lodha Developers is in process of appointing
merchant bankers. The company is targeting to raise between Rs 3,000 crore and Rs 6,000 crore through IPO and pre-IPO placement of shares, they added. A Lodha spokesperson declined to comment. In July-end, Lodha Developers MD Abhishek Lodha had said that the company is reviving IPO plans. “We are aiming for listing in calendar year 2018 and shall approach Sebi in the next 6-9 months,” Lodha Group Managing Director Abhishek Lodha had said, but refused to share amount it wanted to raise.