December 21, 2017 / 4:20 AM / 3 months ago

Lodha Developers looking to raise up to $1 billion via IPO - IFR

MUMBAI (Reuters) - India’s Lodha Developers is looking to raise up to $1 billion through an initial public offering that is likely to be launched next year, two people with knowledge of the plan told IFR, a Thomson Reuters publication.

Workers fasten steel rods together atop a residential building under construction in Mumbai, January 31, 2017. REUTERS/Shailesh Andrade/Files

India’s main stock indexes have surged almost 30 percent this year, bolstered by strong foreign inflows, spurring companies to raise a record of more than $11 billion through IPOs so far this year.

The company had planned an IPO of 28 billion rupees ($437 million) in 2010, but it was shelved due to a weak stock market.

The real estate developer has hired Citic CLSA, Kotak and Morgan Stanley for the IPO, the people said, adding that more banks were likely to join the syndicate, IFR said.

Lodha is currently developing an estimated 43 million square feet of real estate and has 28 ongoing projects across London, Mumbai, Pune, Hyderabad and Bangalore, according to its website.

The S&P BSE Realty Index is up 97 percent since the start of the year.

Reporting by Anuradha Subramanyan at IFR; Editing by Biju Dwarakanath

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