Lodha Developers IPO

Lodha Group IPOBusiness description – Lodha Developers is the largest real estate developer in India by residential Sales for the nine months ended 31 December 2017 and financial year 2017. The company develops real estate across the residential and commercial sectors in the Mumbai Metropolitan Region (MMR), Pune and London. In the residential portfolio, the company is present across multiple price points with unit values ranging from INR3.50 million to INR590 million. In our commercial portfolio, it develops office and retail projects as income generating assets on lease model and sale model, with an increasing focus on the former. Lodha Developers began its operations in Mumbai, developing affordable housing in the suburbs of Mumbai, and later diversified into other segments and regions in the MMR. As of 31 December 2017, it had completed projects with developable area of 50.49 million square feet.

As of 31 December 2017, the company had 37 ongoing projects, of which 35 projects were in India and two were in London. These projects accounted for a developable area of 33.80 million square feet, of which 31.95 million square feet represented projects located in the MMR. As of 31 December 2017, the company also had 22 planned projects in India with a developable area of 64.21 million square feet, of which 62.74 million square feet is located in the MMR. The company focuses on branded realty and its brands include “CASA by Lodha” for affordable housing, the “Lodha” and “Lodha Luxury” brands for premium projects, and the “iThink”, “Lodha Excelus” and “Lodha Supremus” brands for office spaces.

Promoters of Lodha Developers – Mangal Prabhat Lodha, Abhishek Mangal Prabhat Lodha, Sambhavnath Infrabuild And Farms Private Limited and Mangal Prabhat Lodha Family Discretionary Trust
Lodha Developers IPO details
Subscription Dates To be updated
Price Band To be updated
Fresh issue INR3,750 crore
Offer For Sale 18,000,000 shares
Total IPO size 18,000,000 shares
Minimum bid (lot size) To be updated
Face Value  INR10 per share
Retail Allocation 35%
Listing On NSE, BSE
Use of IPO proceeds
  • Reduction of the aggregate outstanding borrowings on a consolidated basis – INR3,300 crore
  • General corporate purposes
Lodha Developers’ consolidated financial performance (in INR crore)
FY2013* FY2014* FY2015 FY2016 FY2017 9M FY2018
Total revenues 3,522.0 4,724.4 6,269.5 8,291.0 7,957.3 6,634.5
Total expenses 3,054.4 3,999.0 4,997.6 7,058.8 6,940.6 5,773.5
Profit after tax 370.5 435.0 765.9 677.1 570.3 612.9
Net margin (%) 10.5 9.2 12.2 8.2 7.2 9.2

* Figures for FY2013 and FY2014 are based on IGAAP and subsequent years are based on IND AS

Lodha Developers Contact Details

Lodha Developers Limited 
Lodha Excelus, L 2
N M Joshi Marg, Mahalaxmi
Mumbai – 400 011

Phone: +91 22 2302 4400
+91 22 2302 4550
 [email protected]
Website: www.lodhagroup.com

Registrar of Lodha Developers IPO

Link Intime India Private Limited
C-101, 1st Floor, 247 Park
Lal Bahadur Shastri Marg, Vikhroli (West)
Mumbai – 400 083

Phone: +91 22 4918 6200
Fax: +91 22 4918 6195
Email: [email protected]
Website: http://www.linkintime.co.in

Valuation of Lodha Developers (Based on latest FY)

Earnings Per Share (EPS): INR15.26

Price/Earnings (P/E) ratio: To be updated

Return on Net Worth (RONW): 14.55%

Net Asset Value (NAV): INR101.41 per share

Lodha Developers IPO Subscription Details

Category Shares offered Subscription (no. of times) 
Day 1 Day 2 Day 3

Lodha Developers IPO Allotment Status

Lodha Developers IPO allotment status will be available on Link Intime’s website. Click on this link to get allotment status.

Listing Performance of Lodha Developers

IPO Opening Date: To be updated

IPO Closing Date: To be updated

Finalisation of Basis of Allotment: To be updated

Initiation of refunds: To be updated

Transfer of shares to demat accounts: To be updated

Listing Date: To be updated

Listing Price on NSE: To be updated

Closing Price on NSE: To be updated


  1. Q1 – 18-19
    New Sales Profits
    Oberoi 117%↑ 241%↑
    DLF 445%↑ 55%↑
    Shobha 22%↑ 50%↑
    Prestige 65%↑ 9%↑
    Suntek 42%↑ 69%↑
    Mahindra Lifespaces 5%↑ 93%↑

    Major turnaround for organised players in the sector. Both affordable and mid-income housing are doing well. At a good valuation, real estate may be a good opportunity to invest

    • People have lost faith in big names like DLF as they have consistently delayed projects and deliveries. It will take long for real estate business to recover. I personally regret the decision to invest in an under construction property and wouldn’t suggest anyone to invest in real estate stocks. Most of these guys are cheaters.


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