Lodha Developers has filed draft papers with market regulator SEBI for its proposed initial public offer (IPO) to raise around Rs 2,500 crore. This would be the third attempt by Mumbai-based Lodha Developers, which has been renamed as Macrotech Developers, to launch a public issue and list its shares on the stock exchanges. 

The company had filed its Draft Red Herring Prospectus (DRHP) for the first time in September 2009 to raise about Rs 2,800 crore. It had received the SEBI’s nod in January 2010 but later shelved the plan due to unfavourable market conditions after the global financial crisis. In April 2018, Lodha Developers had again filed the DRHP and got the SEBI’s approval in July 2018 to launch its IPO to raise up to Rs 5,500 crore. However, the plan was shelved amid market turmoil. 

According to sources, Lodha Developers plans to raise around Rs 2,500 crore through its IPO with a dilution of 10 per cent stake. The proceeds will be used to repay debt and development of projects. A company spokesperson declined to comment on the public issue. 

The privately-held Lodha Group, which was founded in 1995 by Mangal Prabhat Lodha, is a leading player in the Indian real estate market. It has presence in Mumbai, Pune and London. The Lodha Group is the country’s largest residential real estate developer by sales bookings.