MACROTECH DEVELOPERS LIMITED (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. In 2019, it forayed into the
development of logistics and industrial parks and entered into a joint
venture with ESR, it also developed commercial real estate, including as
part of mixed-use developments.
Issue Open: April 7, 2021
Issue Close: April 9, 2021
Issue size (amount): ₹2500 cr
Price Band: ₹483-₹486
Lot Size: 30 shares and in multiple
thereafter
Post-issue mkt. cap: *₹21605 cr - **₹
21740 cr
Company has a strong brand in affordable and mid
income housing projects, but is not able to deliver the growth in sales and
free cash flow in the last couple of years. The company has posted sales
degrowth of 68% in 9MFY21 and reported a negative profit after tax of 265
crores. Given weak revenue growth in the past and leverage balance
sheet we assign a "NEUTRAL" rating to the IPO
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