Lodha Developers’ IPO quite likely
DSIJ Intelligence / 31 Jul 2017
Lodha Developers has achieved sales bookings and collection of Rs 2,300 crore and Rs 2,600 crore respectively in Q1 FY18.
Lodha Developers is reviving its plans for an initial public offer (IPO) and will approach the Securities and Exchange Board of India (SEBI) in the next 6-9 months with a draft prospectus, as per a leading business daily. The company is aiming for listing in calendar year 2018.
The company had filed draft red herring prospectus (DRHP) with SEBI in September 2009 to raise about Rs 2,800 crore. The company got SEBI’s approval in January 2010, but later dropped its plan to launch the IPO due to bad market conditions post the global financial crisis.
Lodha Developers has achieved sales bookings and collection of Rs 2,300 crore and Rs 2,600 crore respectively in Q1 FY18. The company had launched two projects in the first quarter and plans to have 8-10 projects more by March next.
Lodha Group has about 30 real estate projects in London, Mumbai Metropolitan Region, Pune and Hyderabad, covering over 40 million square feet of area. It has a land bank of 350 million square feet for future development.
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