About the Company:
Macrotech Developers is the largest real estate developer in India, by residential Sales value for the financial years 2014 to 2020.
Company’s core business is residential real estate developments with a focus on affordable and mid-income housing and currently have residential projects in the MMR(Mumbai Metropolitan Region) and Pune.
Company also develops commercial real estate, including as part of mixed-use developments in and around our core residential projects.
Company’s core competency lies in professionally managing the real estate value chain as we have in-house capabilities to deliver a project from conceptualization to completion.
Lodha group has been involved in the real estate business since 1986. Further, Company is led by Abhishek M. Lodha, Managing Director and Chief Executive Officer.
Company has a leadership team of experienced professionals, with relevant functional expertise across different industries, who are instrumental in implementing the business strategies.
Company commenced operations in Mumbai, developing affordable housing projects in the suburbs of Mumbai, and later diversified into other segments and regions in the MMR and Pune.
Company’s brands include “Lodha”, “CASA by Lodha” and “Crown – Lodha Quality Homes” for our affordable and mid-income housing projects.
The “Lodha” and “Lodha Luxury” brands for premium and luxury housing projects, and the “iThink”, “Lodha Excelus” and “Lodha Supremus” brands for office spaces.
Company’s Sales Network:
Company’s inhouse sales team is supported by a distribution network of multiple channels across India as well as key non-resident Indian (“NRI”) markets, such as the Gulf Cooperation Council, United Kingdom, Singapore and the United States.
Company’s Ongoing Projects: (Affordable & mid-income Projects)
Company’s large ongoing portfolio of affordable and mid-income housing projects include Palava (Navi Mumbai, Dombivali Region), Upper Thane (Thane outskirts), Amara (Thane), Lodha Sterling (Thane), Lodha Luxuria (Thane), Crown Thane (Thane), Bel Air (Jogeshwari), Lodha Belmondo (Pune), Lodha Splendora (Thane) and Casa Maxima (Mira Road).
The affordable and mid-income housing developments accounted for Sales of Rs.3055 crores during the financial year 2020, and constituted 57.77% of our total residential Sales.
Company’s Ongoing Projects: (Premium and Luxury housing projects)
Company’s premium and luxury housing projects include Lodha Park (Worli), Lodha World Towers (Lower Parel), Lodha Venezia (Parel) and New Cuffe Parade (Wadala).
In addition, company has few projects under the “Lodha Luxury” brand, which comprise small-scale, high-value developments such as Lodha Altamount (Altamount Road), Lodha Seamont (Walkeshwar) and Lodha Maison (Worli).
Company’s Planned Residential projects: (as of December 31, 2020)
Company’s Logistics and Industrial park portfolio:
As part of company’s logistics and industrial park portfolio, company has planned to develop a logistics and industrial park of over 800 acres of land near Palava, which is strategically located near the Jawaharlal Nehru Port, the proposed international airport in Navi Mumbai and the industrial hub of Taloja.
Out of this area, approximately 290 acres is under development as of December 31, 2020, including an 89-acre logistics and industrial park that is being developed in partnership with ESR.
Company’s product offerings under this category include built to suit structures, standard structures and land parcels for our logistics and industrial clients.
Company’s Commercial & Retail portfolio:
Company’s commercial portfolio consists of office space projects, corporate offices, IT campuses and boutique office spaces, which are concentrated in suburban locations. Company’s retail projects focus on high street retail with shopping and entertainment options for the local community.
Company’s Land Reserves:
Company has land reserves of approximately 3,803 acres for future development in the MMR, with the potential to develop approximately 322 million square feet of Developable Area.
Company’s Real Estate Projects in London:
Company has invested in two real estate projects in London, namely Lincoln Square in the West End and No. 1 Grosvenor Square in Mayfair.
Both these projects are now complete, and the net proceeds after repaying the indebtedness is intended to be repatriated to the Company.
Entry into Logistics and Industrial Parks Development:
In 2019, company forayed into the development of logistics and industrial parks and entered into a joint venture with ESR Mumbai 3 Pte. Limited (“ESR”), a subsidiary of ESR Cayman Ltd, an Asia Pacific focused logistics real estate platform.
In the logistics and industrial park portfolio, company has ongoing and planned development of approximately 290 and 540 acres, as of December 31, 2020, respectively.
Palava township project:
Company is currently developing large townships located at Palava (Navi Mumbai, Dombivali Region). Company had commenced the development of Palava in 2010 and have been able to complete Phase I of Palava, which is spread over approximately 300 acres.
Company is currently developing Phase II of Palava, which is spread over approximately 700 acres and comprises approximately 50 million square feet of Developable Area (of which approximately 14.10 million square feet is complete, as of December 31, 2020).
- Mr. Mukund Manohar Chitale (Designation: Independent Director and Chairman)
- Mr. Abhishek Mangal Prabhat Lodha (Designation: Managing Director and Chief Executive Officer)
- Mr. Rajendra Narpatmal Lodha (Designation: Whole-Time Director)
Objectives of the Issue:
Fresh Issue: (Rs. 2500 cr)
- Reduction of the aggregate outstanding borrowings of the Company on a consolidated basis.
- Acquisition of land or land development rights.
- General corporate purposes.
Positives for the Company:
- India’s largest residential real estate developer with a leadership position in the attractive MMR (Mumbai Metropolitan Region) market.
- Well-established brand with ability to sell at premium pricing.
- Proven end-to-end execution capabilities with continuous innovation and ability to deliver projects at competitive cost.
- Highly diversified portfolio across price points and micro-markets in the MMR with a focus on affordable and mid-income housing
Financials of the Company: (Consolidated)
|(in Crores)||FY 18||FY 19||FY 20||31st Dec 2020|
Valuation of Peer Group Companies:
|Company Name||Face Value||EPS||PE Ratio||RoNW||NAV|
|Macrotech Developers Ltd||10||18.46||26.32||17.8%||103.86|
|Brigade Enterprises Ltd||10||6.39||44.67||4.66%||119.73|
|Oberoi Realty Ltd||10||18.96||31.12||7.99%||237.33|
|Prestige Estates Projects Ltd||10||10.63||27.44||9.82%||139.41|
|Sunteck Realty Ltd||1||7.13||52.14||3.46%||199.50|
|Issue Opens on||7th April 2021|
|Issue Closes on:.||9th April 2021|
|Issue Price||Rs.483 – 486|
|Retail Category Allocation||35%|
|Minimum Lot||30 Shares|
|Issue Size||Rs.2500 cr ($337 million)|
|Market Cap||Rs. 21,740 cr ($2.93 billion)|
|Listing at||NSE & BSE|
|Equity Shares Offered (Fresh)||5,14,40,329|
|Equity Shares Prior to the Issue||39,58,78,00,00|
|Equity Shares after the Issue||44,73,18,329|
Also Read : List of Upcoming IPO’s in India.
|Finalization of Basis of Allotment||On or Before 16th April 2021|
|Initiation of Refunds||On or Before 19th April 2021|
|Credit of Equity Shares:||On or Before 20th April 2021|
|Listing Date:||On or Before 22nd April 2021|
Subscription Details: (Will be Updated)
|(Subscription-Category-Wise (no. of times) Till time : 05:00 PM)||Shares Offered||7th April||8th April||9th April|
IPO Valuation Parameters:
|Earnings Per Share (EPS)||Price To Earnings ratio (PE)||Return on Net Worth (RoNW)||Net Asset Value (NAV)|
|Check IPO Allotment Status:|
Link InTime Website https://linkintime.co.in/PublicIssue/
BSE IPO Website: https://www.bseindia.com/IPO/Allotment
|Company Contact Info:|
|Macrotech Developers Limited
412, Floor – 4, 17G, Vardhaman Chamber
Cawasji Patel Road, Horniman Circle
Fort, Mumbai 400 001
Tel: +91 22 2302 4400
|IPO Registrar Info:|
|Link Intime India Private Limited
C 101, 247 Park, L.B.S. Marg
Vikhroli (West), Mumbai 400 083
Tel: +91 22 49186200