Macrotech Developers Limited, a Mumbai based real estate developer will open the bid/offer period in relation to its initial public offering of Equity Shares on Wednesday, 7th April 2021 and close on Friday, 9th April, 2021.
The price band for the offer has been determined at Rs483 – Rs486 per equity share.
The company may, in consultation with the Global Co-ordinators Book Running Lead Managers and book running lead managers, consider participation by anchor investors which shall be one working day prior to the bid/offer opening date, i.e. Tuesday, April 6, 2021.
The IPO is a fresh issuance of equity shares of Rs 10 face value aggregating up to Rs2500cr. The fresh issue includes a reservation of equity shares aggregating up to Rs30cr to eligible employees and the net issue will be as follows: not more than 50% qualified institutional buyers (QIB), not less than 15% to non-institutional bidders and not less than 35% to retail individual bidders.
The Company proposes to utilize the net proceeds from the fresh issue towards reduction of aggregate outstanding borrowings of the Company amounting up to Rs1500cr, acquisition of land or land developmental rights aggregating up to Rs375cr and for general corporate purposes.
The company is amongst the largest real estate developers in India by residential sales value for the fiscal 2014 to 2020 (Source: Anarock report).
As of December 31, 2020, it has completed approximately 77.2 million square feet of developable area across 91 projects. It has 54 ongoing and planned projects having approximately 73.8 million square feet developable area. Its strength lies in its core business of residential real estate developments with a focus on affordable and mid-income housing.
In 2019, Macrotech Developer’s forayed into the development of logistics and industrial parks and entered into a joint venture with ESR Mumbai 3 Pte. Limited, a subsidiary of ESR Cayman Limited, an Asia Pacific focused logistics real estate platform.
Axis Capital Limited, J.P. Morgan India Private Limited, Kotak Mahindra Capital Company Limited are the global coordinators and book running lead managers to the Issue. ICICI Securities Limited, Edelweiss Financial Services Limited, IIFL Securities Limited, JM Financial Limited, YES Securities (India) Limited, SBI Capital Markets Limited and BOB Capital Markets Limited are the book running lead managers to the Issue.
All capitalized terms used herein and not specifically defined shall have the same meaning as ascribed to them in the RHP.
Related Tags: