Macrotech Developers IPO final day: Issue subscribed 42%, QIB portion booked 77%

Sumary of Macrotech Developers IPO final day: Issue subscribed 42%, QIB portion booked 77%:

• The maiden public offer of real estate firm Macrotech Developers has been subscribed 42 percent so far on April 9, the final day of bidding..
• To get fully subscribed main board public issues have to receive at least 90 percent subscription from the qualified institutional buyers (QIBs)..
• Macrotech Developers, formerly known as Lodha Developers, had failed in its earlier two attempts (2009 and 2018) to raise funds via IPO due to weak market conditions but experts feel that the third time may be the charm given the availability of ample liquidity..
• Both the times the company took approval from Sebi but did not file red herring prospectus (RHP), this time things look different,”.
• “We expect this time the company will be able to get listed on the stock exchange, as there is a good response from anchor investors to the IPO, and also a good response from retail and institutional investors on day 1,”.
• Mumbai-based real estate company Macrotech Developers is planning to garner Rs 2,500 crore through its public issue, of which Rs 741 crore has already been raised from anchor investors on April 6…

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From MoneyControl - 09/04/2021