NEW DELHI: The Rs 2,500 crore Macrotech Developers (erstwhile Lodha Developers) IPO was subscribed 28 per cent on Day 2 of the bidding process so far on Thursday.
By 11.40 am, the fresh issue attracted bids for 1,02,90,810 shares against the issue size of 3,64,18,219 shares.
The issue is being sold in Rs 483-486 price band. At the upper limit of this band, the IPO is asking for a trailing twelve month EV/sales multiple of 6.3 times, which Choice Broking said is at a discount to the peer average of 8.5 times.
This is the third attempt by Macrotech to launch an IPO. The company had initially filed draft red herring prospectus in Sep 2009 and then again in Apr 2018. At both the times, the planned public issue was shelved amid market turmoil.
Choice Broking said that the real estate sector is witnessing significant consolidation, especially after the NBFC crisis.