Lodha Developers Pvt to raise $1 billion via IPO

MUMBAI/SINGAPORE: Lodha Developers Pvt, which is building the world's tallest residential tower, is planning an initial public offering ( IPO) that may raise as much as $1 billion, said people with knowledge of the matter.

The sale may value Mumbai based Lodha at as much as $10 billion, according to one of the people. The company will probably start trading next year, two of the people said, asking not to be identified as the deliberations are confidential.

Lodha is seeking a listing after home prices in Mumbai more than doubled in the five years through March, according to data from Liases Foras Real Estate Rating & Research Pvt.

A $1 billion IPO would be India's biggest since 2010, when CIL's share sale raised $3.4 billion, data compiled by Bloomberg show.

The company is building the 117-storey World One residential tower, which it says will be the world's tallest at 423 metres, according to its website.