Lodha Group's Rs 2,500-crore IPO subscribed 26% on Day 1

The IPO of realty major Macrotech Developers, also known as Lodha Developers, garnered 26 per cent subscription on Wednesday, the first day of the issue. The Mumbai-based developer is looking to issue fresh shares worth Rs 2,500 crore in the IPO. A day earlier, the company allotted shares worth Rs 740 crore to anchor investors. Lodha will use the IPO proceeds to reduce debt and for land acquisition. The price band for the IPO is Rs 483–486 per equity share. At the top-end of the price band, Macrotech will have a post-diluted market capitalisation of Rs 21,740 crore. The Mumbai-based developer will become the third biggest listed realty company behind DLF and Godrej Properties and slightly ahead of Oberoi Realty.