Lodha Developers’ IPO continues to be on track, to decide on timing after a month
MUMBAI: Realty developer Lodha Group’s proposed Initial Public Offering (IPO) continues to be on track and the company will be taking a call on the timing of the issue after a month, said a top company official.
“The proposed IPO is very much on the anvil. The company will decide on the timing of the issue after the inauspicious 'Shraadh' period ends,” said Abhishek Lodha, Managing Director, Lodha Developers in an email response.
On Wednesday, a media report suggested that the company has put its IPO plan on hold.
Lodha had filed its draft red herring prospectus for the issue in April and the company received the Securities & Exchange Board of India’s (SEBI) approval for the issue in July.
This is the second time that the Mumbai-based developer has filed papers for an IPO. The company had filed a prospectus with the capital market regulator in September 2009. However, it had to withdraw the same owing to weak stock-market conditions.
“In addition to commitments from various marquee investors, the company continues to meet with investors as part of its road-show for the proposed issue, Lodha said.
With size pegged around Rs 5,500 crore, this will be the second-biggest real estate IPO in the country after realty major DLF raised around Rs 9,200 crore through its IPO in 2007.
“The final size of the IPO will be defined when the pricing is decided, as the IPO is part fresh raise and part offer for sale,” Lodha said.
“The proposed IPO is very much on the anvil. The company will decide on the timing of the issue after the inauspicious 'Shraadh' period ends,” said Abhishek Lodha, Managing Director, Lodha Developers in an email response.
On Wednesday, a media report suggested that the company has put its IPO plan on hold.
Lodha had filed its draft red herring prospectus for the issue in April and the company received the Securities & Exchange Board of India’s (SEBI) approval for the issue in July.
This is the second time that the Mumbai-based developer has filed papers for an IPO. The company had filed a prospectus with the capital market regulator in September 2009. However, it had to withdraw the same owing to weak stock-market conditions.
“In addition to commitments from various marquee investors, the company continues to meet with investors as part of its road-show for the proposed issue, Lodha said.
With size pegged around Rs 5,500 crore, this will be the second-biggest real estate IPO in the country after realty major DLF raised around Rs 9,200 crore through its IPO in 2007.
“The final size of the IPO will be defined when the pricing is decided, as the IPO is part fresh raise and part offer for sale,” Lodha said.