Lodha Developers IPO
Lodha Developers IPO — date, price band, lot size & details 2021
Lodha Developers listed on 19 Apr 2021 at ₹436, 10.3% below the ₹486 issue price.
Macrotech Developers, known by its Lodha brand, is a real estate developer focused on homes in the Mumbai region and Pune. Its total income was Rs 12,560.99 crore in FY2020.
Stock price
Lodha Developers is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 10 November.
- Open 07 Apr 2021
- Close 09 Apr 2021
- Allotment 16 Apr 2021
- Refund/credit 19 Apr 2021
- Listing 19 Apr 2021
Issue summary
The terms of the offer, as filed.
| IPO Dates | 7 to 9 Apr, 2021 |
|---|---|
| Price Band | ₹483 – ₹486 |
| Face Value | ₹10 |
| Lot Size | 30 Shares |
| Issue Size | ₹2500 Cr |
| Sale Type | Fresh capital only |
| Listing On | BSE, NSE |
| Registrar | MUFG Intime India Private Limited |
| Min Investment | ₹ 14,580 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 30 shares at the ₹486 cut-off. Drag to size your application.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 30 | ₹14,580 |
| Retail (max) | 13 | 390 | ₹1,89,540 |
| S-HNI (min) | 14 | 420 | ₹2,04,120 |
| S-HNI (max) | 68 | 2,040 | ₹9,91,440 |
| B-HNI (min) | 69 | 2,070 | ₹10,06,020 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 5
- 01The whole Rs 2,500 crore issue was fresh capital, with Rs 1,500.00 crore planned for reducing debt.
- 02Total borrowing fell from Rs 25,640.56 crore on 31 March 2019 to Rs 18,423.16 crore on 31 March 2020.
- 03It had completed 91 projects with 77.22 million sq. ft. of developable area by 31 December 2020.
- 04Total income was Rs 12,560.99 crore in FY2020, up from Rs 11,978.87 crore in FY2019.
- 05Projects span housing, logistics parks and commercial real estate, with an industrial park of over 800 acres planned near Palava.
Risks · 6
- 01Total borrowing was Rs 18,662.19 crore on 31 December 2020, which stays high even after the planned Rs 1,500.00 crore cut.
- 02The company made a loss of Rs 264.30 crore in the nine months to 31 December 2020.
- 03Profit after tax fell from Rs 1,789.39 crore in FY2018 to Rs 744.84 crore in FY2020.
- 04Total income was only Rs 3,160.49 crore in the nine months to 31 December 2020.
- 05Most projects are around Mumbai, Thane and Pune, so the business depends on one regional property market. Affordable and mid-income housing gave 57.77% of revenue in fiscal 2020.
- 06Promoter holding fell from 100% before the issue to 88.5% after it.
Three years of numbers
All figures in ₹ crore, as reported in the Lodha Developers offer document.
| Metric | 31 Dec 2020 | 31 Mar 2020 | 31 Mar 2019 | 31 Mar 2018 |
|---|---|---|---|---|
| Assets | 40,594.62 | 40,692.56 | 49,863.94 | 47,811.28 |
| Total Income | 3,160.49 | 12,560.99 | 11,978.87 | 13,726.57 |
| Profit After Tax | -264.30 | 744.84 | 1,643.98 | 1,789.39 |
| EBITDA | 563.58 | 1,920.27 | 3,167.03 | 3,289.66 |
| NET Worth | 3,841.11 | 4,111.54 | 3,390.29 | 1,765.41 |
| Reserves and Surplus | 4,416.27 | 4,675.60 | 3,979.91 | 1,859.05 |
| Total Borrowing | 18,662.19 | 18,423.16 | 25,640.56 | 22,616.11 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the Lodha Developers RHP.
Where the money goes
₹2,407.77 Cr of the issue is earmarked to named objects.
About the company
Its housing projects include Palava, Upper Thane, Amara, Lodha Sterling, Crown Thane, Bel Air and Lodha Belmondo in Pune. Affordable and mid-income housing gave 57.77% of revenue in fiscal 2020.
On 31 December 2020 it had completed 91 projects with 77.22 million sq. ft. of developable area. It planned an industrial park of over 800 acres near Palava.
The IPO was Rs 2,500 crore and was entirely fresh issue. Rs 1,500.00 crore was planned for cutting borrowings and Rs 375.00 crore for buying land or land development rights.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
The bankers & the filings
Who is running the book, and the documents this page is built from.
Lodha Developers IPO Documents
Read the filings this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
JM Financial Ltd.
74 issues handledBest listing: Tempsens Instruments (India) (+111.3%). Weakest: Turtlemint Fintech Solutions (-10.4%).
SBI Capital Markets Ltd.
37 issues handledBest listing: G R Infraprojects (+105.0%). Weakest: Kalyan Jewellers India (-15.0%).
Axis Capital
71 issues handledBest listing: Latent View Analytics (+160.0%). Weakest: Shriram Properties (-23.7%).
ICICI Securities
65 issues handledBest listing: Latent View Analytics (+160.0%). Weakest: Shriram Properties (-23.7%).
Kotak Mahindra Capital Company Limited
49 issues handledBest listing: G R Infraprojects (+105.0%). Weakest: Rategain Travel Technologies (-15.3%).
IIFL Capital Services Limited
71 issues handledBest listing: MTAR Technologies (+82.6%). Weakest: Rategain Travel Technologies (-15.3%).
JP Morgan India Pvt. Ltd
6 issues handledBest listing: Anthem Biosciences (+26.9%). Weakest: Nuvoco Vistas Corporation (-14.9%).
BOB Capital Markets Ltd
4 issues handledBest listing: Smartworks Coworking Spaces (+6.9%). Weakest: Kalyan Jewellers India (-15.0%).
Edelweiss Financial Services Ltd
8 issues handledBest listing: Indigo Paints (+75.0%). Weakest: Aptus Value Housing Finance India (-5.7%).
YES Securities (India) Ltd
2 issues handled2 of their issues have listed so far, and 2 opened above the issue price (average +1%). That is too small a sample to read as a hit rate.
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of Lodha Developers?
The current Grey Market Premium is ₹15, or 3% over the issue price.
What is the Lodha Developers IPO price band?
₹483 to ₹486, on a face value of ₹10.
When is the allotment?
The basis of allotment is 16 April 2021, with listing on 19 April 2021.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — MUFG Intime India Private Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
