Wednesday, 7 April 2021

MACROTECH DEVELOPERS LIMITED (LODHA) IPO

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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