Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

Equity Capital Markets

Lodha Developers / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/27315" target="_blank" data-smartkarma-citation="entities:27315:1">Lodha Developers (LODHA IN)</a>, one of the largest real estate player in the Mumbai Metropolitan Region (MMR), has filed a draft red hiring prospectus (DRHP) in relation to its upcoming IPO. We analyzed the DRHP of the company and came across certain data points which may be of interest to the investors. In this note, we are not expressing any opinion whether to subscribe or not in the forthcoming IPO of the company.

Lodha Developers (LODHA IN), one of the largest real estate player in the Mumbai Metropolitan Region (MMR), has filed a draft red hiring prospectus (DRHP) in relation to its upcoming IPO. We analyzed the DRHP of the company and came across certain data points which may be of interest to the investors. In this note, we are not expressing any opinion whether to subscribe or not in the forthcoming IPO of the company.

Lodha Developers Limited IPO: Herd Of Red Herrings To Wade Through

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<a href="https://www.smartkarma.com/entities/27315" target="_blank" data-smartkarma-citation="entities:27315:1">Lodha Developers (LODHA IN)</a> plans to raise up to US$800m via a mix of primary and secondary issuance. The company had tried to list earlier in Sep 2009 but had to cancel its plans. Lodha's is primarily a residential developer with most of its operations restricted to the Mumbai Metropolitan Region (MMR).  It has projects across the value spectrum from the affordable segment to ultra-luxury high-end residential projects. India real-estate is not really known for its high corporate governance standards and Lodha is not an exception with a large number of related party transactions, political connections, and chunky pay packets for the founder. Moreover, all but its affordable segment seem to be slow moving and the company remains highly leveraged.

Lodha Developers (LODHA IN) plans to raise up to US$800m via a mix of primary and secondary issuance. The company had tried to list earlier in Sep 2009 but had to cancel its plans. Lodha's is primarily a residential developer with most of its operations restricted to the Mumbai Metropolitan Region (MMR).  It has projects across the value spectrum from the affordable segment to ultra-luxury high-end residential projects. India real-estate is not really known for its high corporate governance standards and Lodha is not an exception with a large number of related party transactions, political connections, and chunky pay packets for the founder. Moreover, all but its affordable segment seem to be slow moving and the company remains highly leveraged.

Lodha Developers Pre-IPO - Second Time Lucky but Not Really that Much Affordable

Asia focused research insights & advisory, Asia Advisors

Vinay Patel

Asia focused research insights & advisory

Asia Advisors

Asia Advisors is an independent financial advisory and research firm working closely with corporates and institutions to provide consulting solutions & research insights. We provide advisory services including capital solutions, business strategy and investment insights.
Firm is headed by Vinay Patel who has close to two decades of experience in research and business development at large, international investment banks such as HSBC and ICICI Securities. Led research efforts in areas of Macroeconomics, Asset Allocation & Investment Strategy for close to a decade in global & domestic research teams. As a business head in Singapore, advised top global investment management firms & Portfolio managers in Asia for India related investments.
Vinay was recently joined by Swapnil Manish, an investment banker and ex-ecommerce entrepreneur with more than 12 years of experience. Swapnil was the TMT banker at BNP Paribas and was part of several large M&A and ECM transactions (Bharti-Zain, Bharti Infratel IPO, Schneider-Zicom among several others). He's also had a stint as an ecommerce entrepreneur having launched & led Mumbai's first online grocery player.

The bull run is never really mature until we get a few large real estate IPOs and we finally have Lodha kicking off the proceedings in real estate with plans to raise Rs55bn from the primary market (a first real estate IPO since Oberoi realty in 2010). The company is in a rush to complete the IPO fundraise as accounting rules for real estate in India change from the next quarter and from the percentage completion method of revenue recognition used currently, the companies will have to recognise…

The bull run is never really mature until we get a few large real estate IPOs and we finally have Lodha kicking off the proceedings in real estate with plans to raise Rs55bn from the primary market (a first real estate IPO since Oberoi realty in 2010). The company is in a rush to complete the IPO fundraise as accounting rules for real estate in India change from the next quarter and from the percentage completion method of revenue recognition used currently, the companies will have to recognise…

Lodha Developers IPO: Large Presence in Affordable Segment Saves Lodha the Blushes in a Sluggish Mkt

India

Lodha Developers is an Indian multinational real estate company primarily focused on developing residential, commercial, and retail properties. The company also engages in the leasing of retail and office spaces, and develops warehousing, logistics, and digital infrastructure parks. Lodha Developers is headquartered in Mumbai, India, and was founded in 1980.

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Lodha Developers (LODHA IN)

Lodha Developers Limited IPO: Herd Of Red Herrings To Wade Through

Lodha Developers (LODHA IN), one of the largest real estate player in the Mumbai Metropolitan Region (MMR), has filed a draft red hiring prospectus...

Nitin Mangal

Lodha Developers Pre-IPO - Second Time Lucky but Not Really that Much Affordable

Lodha Developers (LODHA IN) plans to raise up to US$800m via a mix of primary and secondary issuance. The company had tried to list earlier in Sep...

Sumeet Singh

Lodha Developers IPO: Large Presence in Affordable Segment Saves Lodha the Blushes in a Sluggish Mkt

The bull run is never really mature until we get a few large real estate IPOs and we finally have Lodha kicking off the proceedings in real estate...

Asia Advisors

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