Macrotech Developers IPO Subscription Status: The initial public offering (IPO) of macrotech developers involved in the real estate development business received a 26 per cent subscription on the first day on Wednesday. As per the data available with the National Stock Exchange, bids came for 95,91,420 shares as against 3,64,18,219 shares held for sale under the IPO. The price range is Rs 483 to Rs 486 per equity for a total IPO of Rs 2,500 crore. The company raised Rs 740 crore from the big anchor investors a day earlier on Tuesday. The IPO will close on April 9.
The company will use the funds raised through the IPO to reduce debt by up to Rs 1,500 crore, acquire land or acquire land development rights for up to Rs 375 crore, and the rest of the general company operations. This is the third attempt by Macrotech to bring in a public issue and be listed on the stock market.
The company submitted a prospectus (DRHP) to SEBI in September 2009 to raise about Rs 2,800 crore. It got approval from SEBI (Securities and Exchange Board of India) in January 2010 but the plan was put on hold later due to the market conditions not being favorable after the global financial crisis. Subsequently, in April 2018, the company submitted DRHP and in July 2018 got approval from SEBI for an IPO to raise Rs 5,500 crore. But the plan was postponed due to poor market conditions.
Macrotech Developers IPO Timetable
|IPO Opens On||Apr 7, 2021|
|IPO Closes On||Apr 9, 2021|
|Finalisation of Basis of Allotment||Apr 16, 2021|
|Initiation of Refunds||Apr 19, 2021|
|Credit of Shares to Demat Account||Apr 20, 2021|
|IPO Listing Date||Apr 22, 2021|