Macrotech Developers IPO: Rakesh Jhunjhunwala may have placed a bid in Lodha Developers’ IPO: ETNow report

MUMBAI: Prominent investor Rakesh Jhunjhunwala may have placed a bid for shares of Marcotech Developers, previously referred to as Lodha Developers, in the corporate’s ongoing preliminary public providing, enterprise information channel ETNow reported.

The report comes at a time when the city-based actual property developer’s IPO has struggled for response from buyers. The IPO was subscribed merely 35 per cent on the second day of the bidding course of. It closes for subscription on Friday.

ETMarkets couldn’t independently confirm the report.

The lack of response from retail and excessive net-worth people has been significantly alarming for the IPO’s funding bankers on condition that each the segments have been the driving pressure behind the success of most of the current public provides.

The non-institutional buyers’ portion, normally for HNIs, was subscribed merely 19 per cent by the top of the second day.

“We have some investment concerns for the IPO, with the firm having a net debt of Rs 16,700 crore as of December 2020. Any downturn in industry may affect the company significantly,” Yash Gupta, Equity Research Associate, Angel Broking mentioned in a pre-IPO be aware.