Lodha Developers to raise up to Rs 2,500 cr through IPO

NEW DELHI: Mumbai-based premium housing player Lodha Developers Ltd today filed draft prospectus to raise about Rs 2,500 crore through an initial public offer. (Watch)

According to industry sources, Lodha Developers will use the fund for expansion and to partly retire debts and is looking at the listing during the first quarter next year.

The company has filed the Draft Red Herring Prospectus (DRHP) with the market regulator SEBI today, they added.

Sources said the company, which has annual revenues of around Rs 1,000 crore, will utilise about 20 per cent of the funds raised for retiring debt and the rest for expansion and developing various projects.

Company officials declined to comment on the IPO plan. Lodha Developers is working on about 40 projects, of which bulk are residential properties and has a land bank of 200 million square feet. The company is also working on some commercial projects.

Sources said Lodha, which has a debt of around Rs 1,000 crore, is looking at utilising the funds raised through the initial public offer over a period of 12-18 months.