On Thursday, Macrotech Developers Ltd (LODHA) announced the closure of their Rs 4,000 crore QIP (qualified institutional placement). The book was oversubscribed more than three times within five hours of issue opening and witnessed traction from a diversified set of investors such as sovereign funds, pension funds, mutual funds, insurers, etc. More than 90 per cent of the book was allocated to marquee long-only global investors.

Existing shareholders of the company such as Capital Group, Ivanhoe Cambridge (CDPQ arm), Wellington, Nomura, Manulife, Nippon, Max Life enhanced their investment through this QIP.

The institutional placement also saw new investors like GIC, Oppenheimer, Universities Superannuation Scheme (USS), Amundi, Tata Mutual Fund, etc., endorsing the growth potential of the housing industry and Lodha’s leadership position therein.

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Using the proceeds, Lodha intends to grow in under-represented micro-markets of MMR and Pune in a capital-efficient manner. The company is also exploring plans to enter into the Bangalore market to cater to the needs of even better quality development in a city that sees significant creation of technology jobs and wealth creation.

The company plans to double its pre-sales to Rs 14,000 crore by FY24 and grow to Rs 20,000 crore by FY26.