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ISSUE HIGHLIGHTS
Macrotech Developers (Lodha Developers) is one the largest real estate developers in India and is all set to hit the primary markets with a goal to raise around INR 2,500 Crores through the public offer.
This is the third attempt of the company to launch the issue.
Equity shares worth INR 30 Crs are reserved for eligible employees.
Issue Details
Strengths
- One of India’s largest residential real estate developers
- Well established brand & premium pricing
- Proven end-to-end execution capabilities with continuous innovation
- Strong focus on sustainable development
- Diversified portfolio across price points
- Significant inventory of completed, ready-to-move units
- Unique ability to develop townships
- Innovative marketing and sales strategies
- High quality management team
Valuation
The company is getting listed at a PE of 26.3 on the basis of FY 20 EPS, at upper price band, against sector PE of 25.34. It is fairly priced.
Issue Break-Up
Utilization of Fresh Issue Funds
Background highlights of the company in brief
- Macrotech Developers Ltd, formerly known as Lodha Developers is involved in the real estate business since 1986. It is one of the largest real estate developers in India, by residential sales value for the financial years 2014 to 2020.
- The company’s core business is residential real estate developments with a focus on affordable and mid-income housing. Currently, it has residential projects in the MMR and Pune, and in 2019 it forayed into the development of logistics and industrial parks and entered into a joint venture with ESR Mumbai 3 Pte. Limited (“ESR”).
- It also develops commercial real estate, including as part of mixed-use developments in and around its core residential projects.
- The company’s brands include “Lodha”, “CASA by Lodha” and “Crown – Lodha Quality Homes” for its affordable and mid-income housing projects, the “Lodha” and “Lodha Luxury” brands for its premium and luxury housing projects, and the “iThink”, “Lodha Excelus” and “Lodha Supremus” brands for its office spaces.
- Its in-house 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.
- Its 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 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, it also has a 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).
- As part of logistics and industrial park portfolio, it 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.
Briefing about directors & key managerial personnel
Briefing Financials
Balance Sheet
Statement of Profit and Loss
Key Ratios
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