India: Lodha Developers may trim IPO size to $600m on weak investor response

India: Lodha Developers may trim IPO size to $600m on weak investor response

Photo: Bloomberg

Realty firm Lodha Developers Ltd is likely to reduce the size of its initial public offering (IPO) following lukewarm interest from investors, said three people aware of the development. In April, Lodha Developers had filed the draft IPO prospectus with Securities and Exchange Board of India (Sebi). According to the document, the company had planned to raise Rs3,750 crore in primary capital to lower its debt.

The promoters were also looking to sell a part of their stake, taking the total IPO size to around Rs5,000 crore, making it the biggest real estate public float since DLF’s Rs9,187 crore IPO in 2009.

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