Lodha Developers
Mainboard₹2,500 Cr issue
-9.67%
Listing gain over issue price
Issue size
₹2,500 Cr
1 lot at cut-off
₹14,580
Lot size
30shares
Open
07 Apr 2021
Close
09 Apr 2021
Allotment
16 Apr 2021
Listing
19 Apr 2021
Listing performance
Issue price
₹486
Listed at
₹439
Listing-day close
₹465.25
Latest price
₹963
Close on 23 Oct 2026
Listing gain
-9.67%
Return since issue
+296.30%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 07 Apr 2021 – 09 Apr 2021
- Listing date
- 19 Apr 2021
- Face value
- ₹10 per share
- Issue price
- ₹486 per share
- Lot size
- 30 shares
- Total issue size
- ₹2,500 Cr
- Market cap at offer price
- ₹21,740 Cr
- Promoter holding
- 100.00% → 88.50% pre-issue → post-issue
- ISIN
- INE670K01029
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Axis Capital Ltd.
- Registered office
- 412, Floor-4, 17G, Vardhaman Chamber, Cawasji Patel Road, Horniman Circle, Fort, Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 1,52,46,913 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 30 shares per lot, in multiples, at ₹486
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 30 | ₹14,580 |
| Retail (max) | 13 | 390 | ₹1,89,540 |
| S-HNI (min) | 14 | 420 | ₹2,04,120 |
| S-HNI (max) | 68 | 2,040 | ₹9,91,440 |
| B-HNI (min) | 69 | 2,070 | ₹10,06,020 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
1,52,46,913
Anchor portion
₹741 Cr
at ₹486 per share
Valuation and performance
Valuation at offer price
₹486 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| Market cap | — | ₹21,740 Cr |
About Lodha Developers
Macrotech Developers Limited (formerly Lodha Developers Limited) was incorporated in 1995 and is a leading real estate developer in India. The company's core business is residential real estate development with a focus on affordable and mid-income housing, primarily concentrated in the MMR and Pune. Beyond residential projects, the company has diversified into commercial real estate development as part of mixed-use developments around its core projects. In 2019, the company entered the logistics and industrial parks sector through a joint venture with ESR Mumbai 3 Pte. Limited, a subsidiary of ESR Cayman Limited, an Asia Pacific focused logistics real estate platform. The company generates revenue through sale of residential and commercial units, as well as rental income from its commercial and retail properties.
Company Analysis
from RHPMacrotech Developers Limited is one of India's largest residential real estate developers focusing on affordable and mid-income housing in the Mumbai Metropolitan Region, with expansion into commercial, retail, logistics and industrial properties.
Macrotech Developers Limited (formerly Lodha Developers Limited) was incorporated in 1995 and is a leading real estate developer in India. The company's core business is residential real estate development with a focus on affordable and mid-income housing, primarily concentrated in the MMR and Pune. Beyond residential projects, the company has diversified into commercial real estate development as part of mixed-use developments around its core projects. In 2019, the company entered the logistics and industrial parks sector through a joint venture with ESR Mumbai 3 Pte. Limited, a subsidiary of ESR Cayman Limited, an Asia Pacific focused logistics real estate platform. The company generates revenue through sale of residential and commercial units, as well as rental income from its commercial and retail properties.
Real Estate - Residential DevelopmentReal Estate - Commercial DevelopmentReal Estate - Retail DevelopmentLogistics and Industrial Parks Development
Objects of the Issue
- Reduction of the aggregate outstanding borrowings of our Company on a consolidated basis ₹15,000.00 million p.15
- Acquisition of land or land development rights ₹3,750.00 million p.15
- General corporate purposes ₹5,327.74 million p.15
- Reduction of the aggregate outstanding borrowings of our Company on a consolidated basis ₹15,000 million p.87
- Acquisition of land or land development rights ₹3,750 million p.92
- General corporate purposes ₹5,327.74 million p.93
- Interim use of Net Proceeds not yet deployed will be temporarily invested in deposits in scheduled commercial banks p.95
- No use of Net Proceeds for buying, trading or dealing in shares of listed companies or equity market investments p.95
- Repayment of borrowings p.407
- Not specified in this document section
Issue Structure
- Total Issue
- ₹25,000 million
- Fresh Issue
- 51,440,328 Equity Shares aggregating to ₹25,000 million
- Price Band
- ₹483 to ₹486 per Equity Share
- Lot Size
- 30 Equity Shares (Bid Lot)
- Face Value
- ₹10 per Equity Share
Business Model
The company earns revenue primarily through the sale of residential units in its projects, supplemented by commercial and retail space sales. Revenue is recognized when booking amounts are received from customers for units sold. The company also generates rental income from commercial properties and facilities management charges. The company operates on a project-based model, acquiring land or development rights, developing projects, and selling units to customers.
Business Segments
Development and sale of residential units focusing on affordable and mid-income housing in MMR and Pune
Development and leasing of commercial real estate as part of mixed-use developments
Development of logistics and industrial parks through joint venture with ESR Mumbai 3 Pte. Limited
Development and sale of residential units targeting the affordable and mid-income housing segment
Development and sale of residential units targeting the premium and luxury housing segment
Development and lease or sale of office and retail spaces
Provides optimally designed apartments at affordable prices along with social amenities, including large format townships and gated communities with physical and social infrastructure. Projects include Palava, Upper Thane, Amara, Lodha Sterling, Crown Thane, Bel Air, Lodha Belmondo, and Casa Maxima.
Develops high-value residential projects in premium locations. Projects include Lodha Park (Worli), Lodha World Towers (Lower Parel), Lodha Venezia (Parel), New Cuffe Parade (Wadala), and small-scale luxury developments under 'Lodha Luxury' brand such as Lodha Altamount, Lodha Seamont, and Lodha Maison.
Develops logistics and industrial parks strategically located near ports and airports. Product offerings include built-to-suit structures, standard structures and land parcels for logistics and industrial clients for manufacturing, warehousing and data centre space. Approximately 290 acres under development as of December 31, 2020, including an 89-acre logistics and industrial park being developed with ESR.
Develops office spaces including corporate offices, IT campuses and boutique office spaces concentrated in suburban locations under brands 'iThink', 'Lodha Excelus' and 'Lodha Supremus'. As of December 31, 2020, approximately 9.51 million sq ft of ongoing and planned office space projects.
Develops high street retail projects with shopping and entertainment options for local communities, with 0.46 million sq ft of ongoing and planned retail projects as of December 31, 2020.
Development of high-end residential apartments in multiple micro-markets including Malabar Hill, Napean Sea Road, Tardeo, Prabhadevi, Wadala, Thane, Mira Road, Upper Thane and Palava. Includes luxury collections and super luxury residential projects.
Development of office space projects positioned towards IT and financial services industries under brands iThink, Lodha Excelus and Lodha Supremus. As of December 31, 2020, completed office spaces covering 5.21 million square feet of Leasable Area.
Focus on high street retail with shopping and entertainment options for local community. Includes operational malls like Xperia Mall and planned retail spaces across multiple locations.
Development of logistics and industrial park over 800 acres near Palava. Planned to include built to suit structures, standard structures and land for manufacturing, warehousing and data centre space. Partnership with ESR for 89-acre logistics and industrial park.
Development of an integrated smart city spread across approximately 1,020 acres (Palava Phase I: ~300 acres, Palava Phase II: ~720 acres). Includes residential developments (18,413 units handed over in Phase I as of December 31, 2020), office spaces (7.00 million square feet planned in Phase II), retail facilities, educational institutions, healthcare facilities, and infrastructure.
Development and investment in residential properties in Central London through two projects: Lincoln Square and Grosvenor Square. As of December 31, 2020, 200 units sold aggregating 209,558 square feet with sales of £685 million.
Sale of residential and commercial property units
Sale of land and development rights
Sale of building and construction materials
Rental income from investment properties
Development of residential and commercial real estate properties including affordable housing, mid-income housing, premium and luxury housing projects, and commercial spaces.
Development of residential and commercial units with revenue recognition upon receipt of occupancy certificates
Rental income from completed office space and retail projects on various rental structures
Sale of building materials, land, and development rights not used for company's own project development
Development and sale of residential properties including apartments and villas
Development and sale of commercial spaces
Development of land parcels for industrial use
SWOT Analysis
Strengths
- • Leading market position by residential sales value(p.15)
- • Diversified business model across residential, commercial, and industrial segments(p.15)
- • Large land bank in prime location(p.39)
- • Significant ongoing and planned project pipeline(p.39)
- • Large trademark portfolio with established brand identity(p.45)
- • Leadership position in residential real estate by sales value(p.92)
- • Significant land reserves for future development(p.46)
- • Diversified project portfolio across residential and commercial segments(p.49)
- • One of India's largest residential real estate developers with leadership position in MMR(p.140)
- • Strong brand enabling premium pricing and sales throughout construction phase(p.96)
- • Proven end-to-end execution with continuous innovation and competitive cost delivery(p.96)
- • Strong focus on sustainable development with green certifications(p.96)
- • Highly diversified portfolio across price points and micro-markets in MMR with focus on affordable and mid-income housing(p.96)
- • Significant inventory of completed, ready-to-move units positioning company to serve rising demand(p.96)
- • Unique ability to develop large townships and generate recurring operating cash flows(p.96)
- • High quality management team with industry expertise(p.96)
- • Diverse residential portfolio spanning luxury to mid-range across major MMR locations(p.158)
- • Substantial land reserves providing multi-year development pipeline(p.161)
- • Strategic location of Palava near infrastructure hubs and transport connectivity(p.157)
- • Established commercial portfolio with operational projects generating recurring revenue(p.159)
- • International presence and development experience in UK real estate(p.161)
- • Strong established management with long tenure(p.228)
- • Experienced executive team with diverse backgrounds(p.223)
- • Solid capital structure with promoter commitment(p.226)
- • Established real estate developer with significant track record(p.408)
- • Diversified brand portfolio addressing multiple customer segments(p.408)
- • In-house end-to-end project execution capabilities(p.408)
- • Strong brand recognition and customer trust(p.408)
- • Experienced management team with deep industry expertise(p.408)
- • Early mover advantage in affordable and mid-income housing with quality amenities(p.408)
- • Revenue predominantly from operations(p.411)
- • Successful land acquisition at reasonable costs(p.411)
- • Ability to obtain financing at competitive rates(p.411)
- • Diversified revenue sources including leasing(p.412)
Weaknesses
- • Substantial debt burden affecting financial flexibility(p.30)
- • Recent losses and negative cash flows(p.30)
- • Significant contingent liabilities(p.30)
- • Litigation exposure involving promoters, directors and subsidiaries(p.33)
- • High concentration of unsold inventory(p.38)
- • Substantial portion of land reserves without independent title verification(p.43)
- • Land disputes affecting significant portion of reserves(p.42)
- • Credit rating downgrades due to financial stress(p.37)
- • High dependency on presales for working capital funding(p.49)
- • Uninsured or underinsured project losses exposure(p.48)
- • Concentration risk in key projects with third-party brand dependencies(p.45)
- • Significant related party transaction exposure(p.50)
- • High leverage with floating rate debt exposure(p.49)
- • Dependence on qualified personnel and management retention risk(p.48)
- • Promoter control and conflict of interest risks(p.50)
- • Nine-month loss of ₹2,643 million in period ended December 31, 2020 indicating operational challenges(p.141)
- • Dependence on MMR market with majority of developable area and ongoing projects concentrated there(p.148)
- • Limited presence in Western Suburbs and Eastern Suburbs micro-markets relative to competitors(p.129)
- • Not among top five developers in multiple high-value micro-markets including Eastern Suburbs and Navi Mumbai(p.129)
- • Substantial debt burden affecting financial flexibility(p.26)
- • UK investment exposure with inventory finance dependency and pending collections(p.161)
- • Dependence on regulatory approvals for project execution(p.163)
- • Multiple pending mergers and schemes creating organisational complexity(p.175)
- • High financial leverage from borrowing(p.249)
- • Significant finance costs burden(p.251)
- • Loss-making operations in recent periods(p.251)
- • Decline in inventories and working capital management(p.249)
- • Several loss-making group companies(p.234)
- • Complex group structure with numerous subsidiaries and related party transactions(p.321)
- • Significant intra-group debt and financing dependencies(p.321)
- • Large volume of related-party transactions creating governance complexity(p.319)
- • High financial leverage and debt burden(p.407)
- • Significant provision for loans receivable reflecting asset quality concerns(p.373)
- • Significant concentration in MMR market(p.410)
- • Negative profitability in recent period(p.409)
- • Substantial UK operations losses impacting consolidated results(p.373)
- • Deconsolidation of major UK operations affecting financial consolidation(p.373)
- • High dependence on land acquisition costs(p.411)
- • Material finance costs burden(p.411)
- • Severe limitations in land availability in primary market(p.411)
- • Numerous material legal proceedings(p.439)
- • Significant pending litigation involving company and subsidiaries across multiple jurisdictions(p.452)
- • High tax disputes pending before appellate authorities totaling billions in demand notices(p.461)
- • Material direct tax liabilities across multiple entities and assessment years(p.461)
- • Promoter involvement in criminal and civil litigation(p.458)
- • Consumer complaints and RERA proceedings against company and subsidiaries(p.454)
- • Project-level land disputes and encroachment issues(p.452)
- • Significant outstanding trade payables to vendors and suppliers(p.463)
Opportunities
- • Favorable long-term industry growth trajectory(p.15)
- • Increasing contribution of real estate to GDP(p.15)
- • Strong demand for residential in top markets(p.15)
- • Government incentives for affordable housing(p.44)
- • Strategic expansion into logistics and industrial real estate(p.15)
- • Geographic expansion beyond core MMR market(p.15)
- • Expansion beyond MMR into Tier-1 Indian cities(p.47)
- • Growth through joint development agreements (JDA) model(p.93)
- • Strategic land acquisition at competitive prices(p.92)
- • Large-scale logistics and industrial park development(p.47)
- • Capitalize on shift toward branded developments among smaller developers and landowners(p.93)
- • Focus on enhancing leadership in residential by growing MMR and diversifying into select tier-1 cities(p.147)
- • Leverage leadership to act as partner of choice using joint development and joint venture approach(p.147)
- • Pursue value-accretive land acquisition strategy in identified under-represented locations(p.147)
- • Develop large-scale industrial parks near Palava with strategic location advantages(p.147)
- • Focus on development of commercial projects as part of mixed-use developments(p.148)
- • Indian real estate market expected to grow from USD 120 billion in 2017 to USD 1 trillion by 2030(p.104)
- • E-commerce industry expected to grow at CAGR of 25% to reach US$200 billion by 2027 driving warehousing demand(p.131)
- • Expansion of Palava as integrated smart city attracting diverse tenant mix(p.158)
- • Growth in logistics and industrial parks leveraging proximity to Navi Mumbai airport and ports(p.157)
- • Upcoming infrastructure projects enhancing Palava's competitive positioning(p.158)
- • Commercial office space development opportunity in Phase II of Palava(p.159)
- • Healthcare and media hub development opportunities within Palava ecosystem(p.159)
- • Educational institutional expansion within Palava's integrated ecosystem(p.159)
- • Capital raising through IPO for debt reduction(p.228)
- • Expansion into mid-income and affordable housing(p.223)
- • International real estate portfolio growth(p.241)
- • Expansion into new segments including logistics and industrial real estate(p.408)
- • Growing affordable and mid-income housing demand(p.408)
- • Geographic expansion beyond MMR and Pune(p.408)
- • Distribution network across multiple markets including overseas(p.408)
- • Revenue recognition tied to project completion(p.411)
- • Variable rental models for retail(p.412)
- • Joint development and joint venture arrangements(p.411)
Threats
- • Geographic concentration risk in MMR(p.39)
- • COVID-19 pandemic impact on business operations(p.32)
- • Project completion delays and cost overruns(p.39)
- • Regulatory compliance risks under RERA(p.44)
- • Changing tax laws and withdrawal of incentives(p.44)
- • Foreign exchange risk on UK investments(p.39)
- • Competition for land acquisition(p.31)
- • Financing access constraints and restrictive covenants(p.37)
- • Regulatory changes in property taxation and stamp duties(p.45)
- • Intensified competition in Indian real estate sector, especially MMR(p.47)
- • Environmental, health and safety regulation compliance risks(p.45)
- • Dependence on project approvals and regulatory permissions(p.46)
- • Land acquisition restrictions and compulsory government acquisition(p.53)
- • COVID-19 pandemic impact on operations and demand(p.53)
- • Natural disasters and seismic activity exposure in MMR(p.51)
- • Foreign exchange rate fluctuation risk(p.51)
- • COVID-19 pandemic impact on business operations uncertain and unpredictable(p.29)
- • Market consolidation favoring branded developers may increase competition from larger peers(p.113)
- • Absorption declined significantly in 2020 due to COVID-19 with inventory overhang increasing to 52 months(p.111)
- • Incremental credit to developers by banks and NBFCs declined from ₹470 billion in FY17 to ₹50 billion in FY20(p.109)
- • Regulatory and compliance costs increased significantly affecting smaller developers(p.128)
- • Unsold inventory in top seven markets remains elevated at 6.38 million units in 2020(p.109)
- • Highly fragmented and intensely competitive real estate development market(p.165)
- • Complex regulatory environment requiring continuous compliance across multiple states(p.167)
- • Material increases in construction costs and labour shortages affecting profitability(p.177)
- • Uncertainty in foreign exchange regulations affecting UK investment repatriation(p.168)
- • Agricultural land conversion restrictions and tenure uncertainty(p.169)
- • COVID-19 pandemic impact on operations(p.239)
- • Uncertain recovery and project execution timelines(p.239)
- • Foreign exchange volatility exposure(p.256)
- • Dependence on borrowing markets and refinancing(p.214)
- • COVID-19 pandemic impact on business operations and demand(p.410)
- • Dependence on Indian real estate and MMR market conditions(p.410)
- • Sensitivity to interest rates and consumer financing availability(p.410)
- • Competition from other real estate developers(p.410)
- • Regulatory and policy changes affecting real estate sector(p.410)
- • RBI moratorium affecting debt servicing and cash flows(p.410)
- • Commodity price volatility in construction materials(p.411)
- • Labor and industrial actions impacting construction(p.411)
- • Interest rate fluctuations affecting demand(p.411)
- • Highly competitive real estate market(p.412)
- • Extensive regulatory framework and compliance burden(p.412)
- • Uncertain tax benefits for affordable housing(p.412)
- • Monsoon-related construction disruptions(p.433)
- • Regulatory changes and government acquisition risks affecting project land(p.452)
- • Municipal authority inaction and property demolition notices(p.460)
- • Environmental clearance and regulatory approval delays for ongoing projects(p.465)
- • Third-party encroachment and possession disputes on project properties(p.456)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Abhishek Mangal Prabhat Lodha | Promoter | Nil | — |
| Rajendra Narpatmal Lodha | Promoter | Negligible (200 shares) | — |
| Sambhavnath Infrabuild | Promoter | 67.52% | — |
| Sambhavnath Trust | Promoter | 32.48% | — |
| Sambhavnath Infrabuild | Promoter | 67.52% | 59.76% |
| Sambhavnath Trust | Promoter | 32.48% | 28.74% |
| Rajendra Narpatmal Lodha | Promoter | Negligible | Negligible |
| Lodha group | Promoter/Promoter Group | — | — |
| Sambhavnath Infrabuild | Holding Company | — | — |
| Abhishek Mangal Prabhat Lodha | Promoter | — | — |
| Rajendra Narpatmal Lodha | Promoter | — | — |
| Sambhavnath Infrabuild | Corporate Promoter | — | — |
| Sambhavnath Trust | Corporate Promoter | — | — |
| Sambhavnath Infrabuild and Farms Pvt. Ltd. | Promoter/Holding Company | 67.52% | — |
| Sambhavnath Trust (formerly known as Mangal Prabhat Lodha Family Discretionary Trust) | Promoter/Promoter Group | 32.48% | — |
| Mangal Prabhat Lodha | Promoter/Person having Control | — | — |
| Abhishek Lodha | Promoter/Person having Control | — | — |
| Mangal Prabhat Lodha | Promoter | — | — |
| Abhishek Lodha | Promoter | — | — |
| Rajendra Narpatmal Lodha | Promoter and Director | — | — |
| Abhishek Mangal Prabhat Lodha | Promoter and Director | — | — |
Leadership
Abhishek Mangal Prabhat Lodha · Managing Director and Chief Executive Officer
Sanjyot Rangnekar · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Lodha Developers IPO FAQs
What is the lot size of Lodha Developers IPO?
The minimum lot size of Lodha Developers IPO is 30 shares. One lot costs ₹14,580 at the cut-off price.
When does Lodha Developers IPO open and close?
Lodha Developers IPO opened for subscription on 07 Apr 2021 and closed on 09 Apr 2021.
What is the listing date of Lodha Developers IPO?
Lodha Developers IPO listed on 19 Apr 2021.