Macrotech Developers, formerly known as Lodha Developers, is set to debut on borrowers on April 19 after closing the issue on April 9 and will credit Demat shares to the accounts of eligible investors this week.
Analysts are expecting a silent listing of the Mumbai-based real estate developer on April 19, which received a tepid subscription and equity market volatility.
The gray market also seems less upbeat for the first time, as MacroTech shares currently trade at a premium of Rs 5-15 in the gray market, ie Rs 491-501 against the issue price of Rs 486 per share, available data IPO. On the Watch, IPO Central and IPO Guru featured.
“There has been a tacit response for macrotech developers (Lodha Developers) as the issue was not able to affect the primary market participants. In my opinion, the list will be flat, and we gain profits due to the list being drenched with booking Can see. Market sentiments currently, “Gaurav Garg, Head of Research at CapitalVia Global Research.
Real estate players will also generally be negatively affected, if the lockdown ban continues even further, he said.
The Rs 2,500-crore public macrotech developers issue was launched when the market became more volatile amid rapidly spreading coronovirus infections, also known as the second wave of COVID-19 cases.
The IPO was subscribed 1.36 times during April 7-9, as subscriptions set aside 3.05 times for qualified institutional buyers, 1.44 times for non-institutional investors and retail accounted for 40 percent.
In fact, it was the lowest subscription received by any IPO since October 2019.
“The Macrotech Developers IPO finally left with a scathing response from all categories of investors as the second wave shook investors’ perception in the primary market as well as the secondary market due to uncertainty and fear of COVID-19. Including membership numbers was not encouraged to be met. AVP Research at Mehta Equities said market demand for healthy listing gains as of the last day indicated that investors were reluctant to invest in this IPO.
“Given that market perception is still alarming and volatile after the re-emergence of COVID-19 infections, we may see a silent debut,” Tapps said.
On the valuation parse, Macrotech has sought a market cap of Rs 21,739 crore, concluding with inconsistencies in the topline, worrying position on three findings and the current epidemic showing the worst impact on company performance, hence all factors The list will be considered. Taps are felt.
In 2009 and 2018, McTrouch developers managed to raise funds in their first attempt through an IPO.
The real estate company will use the IPO proceeds for repayment of loans and acquisition of land or land development rights.