Macrotech Developers IPO: Rakesh Jhunjhunwala may have placed a bid in Lodha Developers’ IPO: ETNow report


MUMBAI: Prominent investor Rakesh Jhunjhunwala may have placed a bid for shares of Marcotech Developers, formerly called Lodha Developers, in the company’s ongoing initial public offering, business news channel ETNow reported.

The report comes at a time when the city-based real estate developer’s IPO has struggled for response from investors. The IPO was subscribed merely 35 per cent on the second day of the bidding process. It closes for subscription on Friday.

ETMarkets could not independently verify the report.

The lack of response from retail and high net-worth individuals has been particularly alarming for the IPO’s investment bankers given that both the segments have been the driving force behind the success of many of the recent public offers.

The non-institutional investors’ portion, usually for HNIs, was subscribed merely 19 per cent by the end of the second day.

“We have some investment concerns for the IPO, with the firm having a net debt of Rs 16,700 crore as of December 2020. Any downturn in industry may affect the company significantly,” Yash Gupta, Equity Research Associate, Angel Broking said in a pre-IPO note.



Read original article here

Denial of responsibility! TechnoCodex is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – [email protected]. The content will be deleted within 24 hours.

Get real time updates directly on you device, subscribe now.