Macrotech Developers IPO final day: Issue subscribed 1.37 times, QIB portion booked 3.06 times

Affordable and Mid Income Housing focused Macrotech Developers Limited also known as Lodha Developers; received bids of 4,94,64,480 shares against the offered 3,61,93,415 equity shares, as per the 5:00 pm data available on the bourses.

The portion reserved for Qualified Institutional Buyer category was subscribed 3.06 times While the, retail investors was subscribed 0.40 times. the Non-Institutional Investor category was subscribed 1.45 times.

The IPO was a fresh issuance of equity shares of Rs 10 face value aggregating up to Rs. 2500 crore. The minimum bid lot was of 30 equity shares, thereafter in multiples of 30 equity shares. The price band has been fixed at Rs. 483 - Rs. 486 per Equity Share.

Key brokerage houses like Axis Securities, Hem Securities, Reliance Securities and Choice have given recommendations of "Subscribe" to the issue for long term perspective while highlighting the key strengths of the company like diversified Portfolio with strong focus on affordable & mid income housing segment, strong brand in MMR region. These report have further highlighted the strong project portfolio and monetization of huge land banks offer comfort. Moreover, its return ratio looks to be superior compared to peers. Company's consistent track record of financial performance and experienced management as one of the key advantages of the Company.

Source : Equity Bulls

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