Macrotech Developers IPO — check share allotment date, listing date and more

• The basis of allotment for the ₹2,500 crore IPO of Marcotech Developers is set to be announced tomorrow on April 16.
• The IPO saw muted demand being subscribed to 1.36 times after the bidding process closed on April 9.
• Marcotech Developers will make its stock market debut on April 19 and officially become a listed company.

Before Macrotech Developers makes its debut on the Indian stock exchanges, it is set to announce who was able to get its shares — and who got left out — on April 16.

Despite being one of India’s biggest real estate companies, the ₹2,500 crore offer saw muted demand. Marcotech Developers IPO was subscribed to 1.36 times after the bidding process closed on April 9.

Marco Developers’ will be live on the Indian exchanges on April 22

This is Macrotech Developers’ third attempt to launch an IPO. The company had initially filed a draft red herring prospectus in September 2009 and then again in April 2018. But, during both instances, plans were shelved amid market turmoil.

Now, it’s finally ready to hit the exchanges as an officially listed company on April 19, despite the risk posed by the spike in COVID-19 infections across the country and the globe.

“The resurgence of the Covid-19 infection and discontinuation of stamp duty waiver on property registration would dent the sentiment in the near term,” said Choice Broking in its report. It recommends that those who do get the shares, should hold onto them for the long run.

Majority of the funds raised from the IPO — to the tune of ₹1,500 crore — will be used to reduce Macrotech Developers’ outstanding debt. Around ₹375 crore will be used for land acquisition and land development. Anything that’s left over will go towards general corporate purposes.

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