Heard on the Street: Rakesh Jhunjhunwala subscribes to Macrotech Developers IPO

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Ace investor Rakesh Jhunjhunwala has subscribed to Macrotech Developers IPO on the first day of public offer on April 7, a person familiar with the matter said on the condition of anonymity.

The IPO of Macrotech Developers was subscribed 35% on April 8, the second day of subscription. The Rs 2,500-crore issue received bids for 1,26,56,070 shares against 3,64,18,219 shares on offer, according to an update on the NSE.

The qualified institutional buyers (QIBs) category was subscribed 65%, non-institutional investors 19% and retail individual investors (RIIs) 25%. The price range for the offer is at Rs 483-486 per share.

Realty major Macrotech Developers, erstwhile Lodha Developers, on April 6 raised Rs 740 crore from anchor investors. Axis Capital Limited, JPMorgan India Private Limited, Kotak Mahindra Capital Company Limited and Edelweiss Financial Services are the global co-ordinators and book running lead managers to the offer.

This is the third attempt by Lodha Developers to launch a public issue and list its shares on the stock exchanges. In 2009 and 2018, the company had filed IPO documents and also got Sebi approval but did not hit the capital market as market conditions were not conducive.