India's biggest residential real estate player Lodha Developers to raise crowdfunding

lodha developers to raise crowdfunding

One of India's most prominent realtors, Lodha Developers, renamed Macrotech Developers is looking to raise Rs 2,500 crore through an initial public offering (IPO) in the next few months. The Mumbai-based real estate developers are all set to file the IPO documents with its market regulator Securities and Exchange Board of India (SEBI), amid sanguine market conditions and demand returning back to the sector.

This will be the company's third attempt to raise money through an IPO. It tried for public listing in 2009 and later in 2018, intending to raise Rs 2,800. The firm stated that the draft red herring prospectus (DHRP) or IPO documents for SEBI approval are expected to be filed in the next two days. India's largest residential real estate developer stated that it aims to raise funds within the third quarter of the financial year 2020-2021 (FY21).

The company has seen an increased demand in the premium and luxury residential segment during the quarter, with Rs 1,000 crore bookings. The middle-income and affordable segments have seen bookings worth Rs 1,500 crore. The shares and the company's proceeds are likely to go towards debt reduction, land acquisition, and new projects.