Lodha Developers files DRHP for IPO, aims to raise Rs 53 billion

The company is looking to use Rs 33 billion from the IPO for repaying its debt

Mumbai based property developer Lodha has filed draft red herring prospectus for its IPO. The IPO aims to raise between Rs 50 billion to Rs 53.50 billion, sources said.

The issue comprises issue of fresh shares worth Rs 37.50 billion and an offer for sale (OFS) of 18 million shares by the promoters.

The issue will result in 14-15 per cent dilution and value the company at Rs 370 billion to Rs 380 billion, sources said,

It will be the second biggest IPO in real estate sector after Delhi based DLF raised Rs 91.88 billion in 2007. Analysts have said