Lodha looks to raise $1 billion via IPO
Foun
ded in 1980 by Mangal Prabhat Lodha (Chairman), Lodha Developers Pvt. Ltd. have more than 35 million sq ft under development. The real estate firm have been acquiring land over the years, as the combined debt of India’s listed developers shot up from Rs. 15,880 crore in 2007 to a record figure of Rs. 39,400 crore as of March 2014.
Lodha Developers, which is building the world’s tallest residential tower, standing at 423 metres and 117 floors is drafting an initial public offering (IPO) that is said to raise as much as $1 billion (approximately Rs. 6,000 crore). A $1 billion IPO would be the nation’s biggest since 2010, when state-owned miner Coal India Ltd’s share price shot up by $3.4 billion. The sale may value Mumbai-based Lodha Developers at $10 billion, as we know from reliable sources.
The firm is currently pursuing a listing after home prices in the city have more than doubled in the last five years through March. The 117-storey World One residential tower located in Central Mumbai’s Lower Parel district, will feature apartments whose interiors are done by Giorgio Armani Spa’s interior design brand. The developer is bringing back its IPO after having tried to raise an amount of Rs. 2,790 crore in 2010.
As of the 12 months, ending in March 2013, Lodha Developers posted sales of Rs. 9,000 crore which is commendable as it is higher than that of the largest listed developer in India, Kushal Pal Singh’s DLF. “We are well capitalized to meet our business growth plans through our internal cash flows, and have no plans of raising capital through a public listing at this time,” Lodha said in response to queries.
Source: LiveMint & The Wall Street Journal
India's Real estate Stock, Lodha Developers Ltd, Mangal Prabhat Lodha, Real estate stock, Stock market
