Macrotech Developers IPO fully subscribed on final day, retail portion booked 0.7 times

The initial public offer (IPO) of Macrotech Developers, one of India's largest real estate players , was subscribed 1.36 times on the final day of bidding on April 9. The IPO received bids for 4.95 crore equity shares against issue size of 3.64 crore equity shares, subscription data on exchanges showed.

The portion reserved for retail investors was subscribed 40 percent. The portion reserved for employees was subscribed 17 percent. The company reserved Rs 30 crore worth of equity shares for its employees.

Qualified institutional buyers put in bids for 3.05 times of their IPO portion and non-institutional investors submitted bids for 1.44 times of the reserved portion. Macrotech Developers Ltd, earlier known as Lodha Developers, launched their IPO on April 7.

The firm plans to raise Rs 2,500 crore through the share sale. On April 6, the realty firm raised Rs 740 crore from 14 anchor investors including global long only, pension funds, sovereign wealth funds multi-strategy and domestic mutual funds.

The company allocated 1.52 crore shares at Rs 486 per share to anchor investors.

Macrotech Developers IPO subscribed 26% on day 1

Promoters of the firm hold 100% stake in the firm. They plan to sell 10% stake by issuing 51,440,328 equity shares of Rs 10 face value during the IPO. Lot size of the IPO is 30 shares for which one will have to spend Rs 14,580. A maximum of 13 lots comprising 390 shares can be bought for Rs 1,89,540.

Allotment of shares is likely to be done on April 16, 2021 and the stock is expected to make its market debut on April 22.

Price band of the issue was Rs 483 to Rs 486 per equity share.