OPEN APP
Home >Markets >Stock Markets >Macrotech Developers shares lists at 10% discount to the issue price

Shares of Macrotech Developers listed at 436 per share on its stock exchange debut on Monday, at a discount of 10% on the NSE from its issue price of 486 per share.

At 10:10 am, the scrip surged to trade around 457 per share on the BSE while the stock was hovering around 460 a piece on the NSE at the same time.

The initial public offering (IPO) of Macrotech Developers, aimed to raise 2,500 crore through fresh issue of shares, had opened on April 7, 2021 and closed on April 9, 2021. Formerly known as Lodha developers, the real estate company's issue price was fixed at 483- 486 per share. The company plans to use proceeds from the IPO to reduce debt and acquire land and development rights.

The IPO was subscribed 1.36 times. The institutional investor category of 10.23 million shares was subscribed 3.06 times. The non-institutional category comprising high net-worth individuals was subscribed 1.45 times. The retail portion saw tepid response, with 40% subscription.

After failing to hit the capital market in 2009 and 2018 due to weak market conditions, the company made its way to the stock market debut today.

Macrotech Developers (Lodha) is one of the largest real estate developers in India, by residential sales value for the financial years 2014 to 2020. Its core business is residential real estate developments with a focus on affordable and mid-income housing.

Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.

Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Close
×
Edit Profile
My ReadsRedeem a Gift CardLogout