The company has allocated 1.52 crore shares at Rs 486 per share to these anchor investors.
A total of 12 foreign portfolio investors who participated in the anchor were Capital Group; Nomura; Ivanhoe Cambridge, real estate arm of CDPQ; Wellington Asset Management; Abu Dhabi Investment Authority, Abu Dhabi’s sovereign fund; Platinum Asset Management, Marshall Wace, Brookfield Asset Management, Segantii Capital, York, Oxbow and Discovery.
These foreign investors were allocated around 1.45 crore shares for around Rs 705 crore.
Two domestic investors including one mutual fund were allocated around 7.3 Lakh shares for Rs 35.3 crore. These included HDFC Mutual Fund and Premji Invest, India’s largest family office.
Macrotech Developers’ Rs 2,500-crore Initial Public Offer (IPO) will open on Wednesday and close on Friday. The country’s largest property developer by sales has set a price band for the offer at Rs 483 – Rs. 486 per equity share.
Axis Capital, J.P. Morgan India, Kotak Mahindra Capital Company are the global coordinators and book running lead managers and ICICI Securities, Edelweiss Financial Services, IIFL Securities, JM Financial, YES Securities (India), SBI Capital Markets and BOB Capital Markets are the book running lead managers to the Initial Public Offering.
The developer plans to utilize the net proceeds from the fresh issue towards reduction of aggregate outstanding borrowings of the company amounting up to Rs 1,500 crore, acquisition of land or land developmental rights aggregating up to Rs 375 cr and for general corporate purposes.
Macrotech currently has 36 ongoing projects comprising around 28.78 million sq feet developable area of which 23.57 million sq ft is in affordable and mid income housing category.
As on Dec 31,2020, the developer had 3,803 acres with an estimated developable area of around 322 million sq ft for future development in Upper Thane, Dombivali near Mumbai.
The developer is the dominant player in Mumbai Metropolitan Region (MMR), which is the largest and most profitable real estate market in India. Over the last seven years, the developer has concluded Rs 50,000 crores sales and delivered 57 million sq ft, which is 10 times of the next biggest listed Mumbai based developer.
Macrotech is also growing its industrial parks and logistics business, through sale and joint venture on its land, leading to free cash generation of over Rs 500 crore per year from this activity.
