Lodha Developers IPO (Macrotech Developers Limited IPO)
About
Lodha Developers IPO: Lodha Developers is one of the largest real estate developers in India, by residential Sales value for the financial years 2014 to 2020. The core business is residential real estate developments with a focus on affordable and mid-income housing. Currently, It has residential projects in the MMR and Pune. In 2019, They forayed into the development of logistics and industrial parks and entered into a joint venture with ESR Mumbai 3 Pte. Limited (“ESR”), a subsidiary of ESR Cayman Limited, the Asia Pacific focused logistics real estate platform. They also develop commercial real estate, including as part of mixed-use developments in and around the core residential projects. Their customer-centric business model focuses on designing and developing their “branded products” to address consumer needs across locations and price points. Their core competency lies in professionally managing the real estate value chain as they have in-house capabilities to deliver a project from conceptualization to completion. They have a strong focus on de-risking projects
and improving their return on investment with a fast turnaround time from acquisition to launch to completion. They believe one of the reasons for their success has been the strength of our brand and their ability to convert the surroundings of a location into attractive destinations for people across income groups. Their brands include “Lodha”, “CASA by Lodha” and “Crown – Lodha Quality Homes” for their affordable and mid-income housing projects, the “Lodha” and “Lodha Luxury” brands for their premium and luxury housing projects, and the “iThink”, “Lodha Excelus” and “Lodha Supremus” brands for their office spaces. Their in-house sales team is supported by a distribution network of multiple channels across India as well as key non-resident Indian
(“NRI”) markets, such as the Gulf Cooperation Council, United Kingdom, Singapore and the United States. They believe that their understanding of the relevant real estate market, positive perception and trust in their brand, innovative design and marketing and branding techniques enable us to attract customers.
The Lodha group has been involved in the real estate business since 1986. Further, the Company is led by Abhishek M. Lodha, Managing Director and Chief Executive Officer. They have a leadership team of experienced professionals, with relevant functional expertise across different industries, who are instrumental in implementing their business strategies. They commenced their operations in Mumbai, developing affordable housing projects in the suburbs of Mumbai, and later diversified into other segments and regions in the MMR and Pune.
Their large ongoing portfolio of affordable and mid-income housing projects include Palava (Navi Mumbai, Dombivali Region), Upper Thane (Thane outskirts), Amara (Thane), Lodha Sterling (Thane), Lodha Luxuria (Thane), Crown Thane (Thane), Bel Air (Jogeshwari), Lodha Belmondo (Pune), Lodha Splendora (Thane) and Casa Maxima (Mira Road). They believe that they were an early entrant to the affordable and mid-income housing category and introduced one or more high-quality amenities in their projects, such as a large swimming pool, a private movie theatre, a cricket ground, a football stadium or an indoor swimming pool, at these price points. Their large townships are located at Palava (Navi Mumbai, Dombivali Region) and Upper Thane
(Thane outskirts). Their affordable and mid-income housing developments accounted for Sales of ₹ 18,172 million and ₹ 30,553 million during the nine months ended December 31, 2020, and the financial year 2020, and constituted 57.78% and 57.77% of the total residential Sales, respectively. The premium and luxury housing projects include Lodha Park (Worli), Lodha World Towers (Lower Parel), Lodha Venezia (Parel) and New Cuffe Parade (Wadala). In addition, they have a few projects under the “Lodha Luxury” brand, which comprises small-scale, high-value developments such as Lodha Altamount (Altamount Road), Lodha Seamont (Walkeshwar) and Lodha Maison (Worli).
As part of their logistics and industrial park portfolio, they have planned to develop a logistics and industrial park of over 800 acres of land near Palava, which is strategically located near the Jawaharlal Nehru Port, the proposed international airport in Navi Mumbai and the industrial hub of Taloja. Out of this area, approximately 290 acres is under development as of December 31, 2020, including an 89-acre logistics and industrial park that is being developed in partnership with ESR. Their product offerings under this category include built to suit structures, standard structures and land parcels for their logistics and industrial clients.
In their commercial portfolio, their office space projects comprise corporate offices, IT campuses and boutique office spaces, which are concentrated in suburban locations. Their retail projects focus on high street retail with shopping and entertainment options for the local community.
Promoters
- ABHISHEK MANGAL PRABHAT LODHA
- RAJENDRA NARPATMAL LODHA
- SAMBHAVNATH INFRABUILD
- SAMBHAVNATH TRUST
Financials
| Particulars | For the year/period ended (₹ in millions) | |||
|---|---|---|---|---|
| 31-Dec-20 | 31-Mar-20 | 31-Mar-19 | 31-Mar-18 | |
| Total Assets | 4,05,946.16 | 4,06,925.56 | 4,98,639.40 | 4,78,112.76 |
| Total Revenue | 31,604.85 | 1,25,609.85 | 1,19,788.67 | 1,37,265.69 |
| Profit After Tax | (2,643.02) | 7,448.36 | 16,439.77 | 17,893.90 |
Objects of the Issue:
The IPO aims to raise money for the following purposes;
- To reduce aggregate outstanding borrowings of the company on a consolidated basis.
- To acquire land or land development rights.
- To meet general corporate purposes.
Competitive Strengths
The IPO aims to raise money for the following purposes;
- To reduce aggregate outstanding borrowings of the company on a consolidated basis.
- To acquire land or land development rights.
- To meet general corporate purposes.
IPO Details
| IPO Opening Date | 7th April 2021 |
| IPO Closing Date | 9th April 2021 |
| Issue Type | Book Built Issue IPO |
| Face Value | ₹10 per equity share |
| IPO Price | ₹483 to ₹486 per equity share |
| Market Lot | 30 Shares |
| Min Order Quantity | 30 Shares |
IPO timeline
| IPO Open Date | 7th April 2021 |
| IPO Close Date | 9th April 2021 |
| Basis of Allotment Date | 16th April 2021 |
| Initiation of Refunds | 19th April 2021 |
| Credit of Shares to Demat Account | 20th April 2021 |
| IPO Listing Date | 22nd April 2021 |
Book Running Lead managers
- Axis Capital Limited
- J.P. Morgan India Private Limited
- Kotak Mahindra Capital Company Limited
- Link Intime India Private Limited
Company Address
Registered office:
412, Floor – 4, 17G,
Vardhaman Chamber,
Cawasji Patel Road,
Horniman Circle, Fort,
Mumbai 400 001
Corporate office:
Lodha Excelus,
L 2, N M Joshi Marg,
Mahalaxmi, Mumbai 400 011
Contact Person:
Sanjyot Rangnekar,
Company Secretary and Compliance Officer
Tel: +91 22 2302 4400; Fax: +91 22 2302 4550
E-mail: investorrelations@lodhagroup.com
Website: www.lodhagroup.in
Corporate Identity Number: U45200MH1995PLC093041
