MUMBAI: Macrotech Developers (earlier known as Lodha Developers), one of the largest residential real estate companies in the country, on Tuesday allotted about 1.5 crore shares to a clutch of foreign and domestic investors in pre-IPO placement to raise Rs 740 crore.
The shares were allotted at the upper end of the IPO price band of Rs 483-486 per share. The Rs 2,500-crore IPO of Macrotech will open on Wednesday.
The 12 foreign portfolio investors (FPIs) who participated in the pre-IPO placement, also called anchor allotment, were one of the largest FPI investors in India — Capital Group, Japanese major Nomura, the real estate arm of CDPQ of Canada — Ivanhoe Cambridge, sovereign fund Abu Dhabi Investment Authority, and one of the world’s largest real estate funds Brookfield Asset Management, the company said.
There were two domestic investors — HDFC Mutual Fund and Premji Invest, which is India’s largest family office. At the upper end of the IPO price band, Macrotech will have a market capitalisation of about Rs 21,750 crore.
DLF, with a market capitalisation of Rs 69,024 crore and Godrej Properties with Rs 38,106 crore, are currently valued more than Macrotech’s estimated valuation.
Axis Capital, J P Morgan and Kotak Investment Banking are among the 10 merchant bankers managing the offer.