Lodha Developers to file DRHP to launch IPO

Real estate major Lodha Developers is buckling up to file its draft prospectus with SEBI to launch its IPO soon, according to reports. The initial public offering is expected to be one of the most notable debuts in the Indian stock this year. 
  
According to regulatory filling, the company will be selling its new shares worth Rs. 3,750 crore through the IPO, along with the shareholders selling up to 18 million shares. 
  
The company will have Kotak Mahindra Capital, CLSA India, JM Financial and Morgan Stanley India as its global coordinators for the IPO. 
  
The company may utilise the net proceeds from the IPO to reduce its debt which stood at about Rs. 18,000 crore as of January 2018. The company has 37 on-going projects, including two projects in London and a huge project in Mumbai Metropolitan Region. 
  
The company’s London operation is expected to generate a sales revenue of about Rs. 12,000 crore (1.5 billion pounds) from the sale of its ongoing housing projects in central London. 
  
Indian companies have generated funds worth Rs. 84,357 crore through initial public offering in  2017-18, recording a three-fold rise as compared to the previous year.