Lodha Developers to decide IPO time end-April

Lodha Developers to decide IPO time end-April

Mumbai: Lodha Developers plans to decide the timing for its initial public offering worth about $650 million by the end of this month, a top company official said on Tuesday.

“We will definitely be filing the results for the quarter, and our board will take a decision on the IPO by the end of this month," managing director Abhisheck Lodha told reporters, referring to the January-March quarterly results.

The Mumbai-based builder, which focuses on high-end residential apartments in and around India’s financial capital, had earlier planned to launch the offering in December or early this year.

Lodha Developers plans to use the proceeds from the IPO for retiring debt, to fund fresh land acquisitions and for working capital for existing projects.