Axis Capital Limited

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Macrotech Developers Ltd (Lodha)
Rs. 25,000 Mn

Primary Product

ECM

Secondary Product

IPO

Date

Apr 21
Macrotech Developers Ltd (Lodha)
Rs. 25,000 Mn

Primary Product

ECM

Secondary Product

IPO

Date

Apr 21
The only equity IPO in the real estate industry in the last decade, the deal witnessed strong participation from marquee anchor investors including some of the largest pension and sovereign funds (95% to FIIs and 5% to DIIs)
Notable investors that participated in Anchor Book include ADIA, Capital Group, Platinum, Nomura, Wellington, Ivanhoe Cambridge, with a total investment of US$ 100MM.

The IPO received good response across categories despite being launched in extremely volatile market conditions due to increasing COVID-19 cases and resumption of stamp duty in Maharashtra to 5%.

Axis Capital handheld the company throughout the transaction on various deal contours, ensuring seamless execution and timely completion.

Positioning Lodha as:

    • Largest Real Estate Developer in India with focus on affordable and mid-income housing

 

    • Strong brand value benefiting from the ongoing consolidation in the industry.

 

    • Deleveraging balance sheet with strong cash generation through monetization of substantial ready inventory, surplus from its ongoing project portfolio and sale of land assets.

 

    • Unique ability to create destination and generate recurring cash flows from them (e.g.: Palava)

 

  • Proven end-to-end execution capabilities with innovation and ability to deliver projects at competitive cost and in time

 

The end-to-end transaction was completed in less than 5 months with 83% of the anchor book
getting subscribed by long-only investors.

Transactions

Rectangle 18378 (3)
Rs. 37,500 Mn

Primary Product: 

ECM

Secondary Product:

IPO

Date:

Mar 2021
Rectangle 18378
Rs. 25,000 Mn

Primary Product: 

ECM

Secondary Product:

IPO

Date:

Apr 21
Rectangle 18380
Rs. 2,000 Mn

Primary Product: 

ECM

Secondary Product:

QIP, PIPE

Date:

Dec 2021
Group 1000003411 (2)
Rs. 4,600 Mn

Primary Product: 

ECM

Secondary Product:

InvIT Private Placement

Date:

Sep 2021
Rectangle 18378 (7)
Rs. 12,840 Mn

Primary Product: 

ECM

Secondary Product:

Rights Issue / Advisory / QIP

Date:

Apr 2021
nuvoco
Rs. 50,000 Mn

Primary Product: 

ECM

Secondary Product:

IPO

Date:

Aug 2021