Mumbai-based developer Lodha Group is looking to file draft documents for an initial public offering with the capital markets regulator Securities and Exchange Board of India (SEBI) in the next six to nine months, a media report said.
“We are aiming for listing in calendar year 2018,” managing director Abhishek Lodha told the Press Trust of India. He didn’t specify any details including the amount the company plans to raise through the IPO.
Lodha Group had earlier got SEBI approval for an IPO in 2010 but it later aborted the plan.
The group is developing around 4.1 crore sq. ft. of prime residential real estate globally with the largest land reserves in the Mumbai Metropolitan Region. It has 31 ongoing projects across London, Mumbai, Pune and Hyderabad, the group had said in an earlier statement. In 2015-16, Lodha Developers Pvt. Ltd recorded net sales of Rs 8,319 crore and a net profit of Rs 1,156 crore.
Lodha Group entered the UK in 2013 with the acquisition of the Canadian embassy building in London’s Mayfair district for $530 million and followed it up by buying a property called New Court, located on Carey Street, for $150 million.
In May this year, Lodha UK had raised $375 million (around Rs 2,429 crore) as construction funding from private investment firm Cain Hoy.
Last year, Piramal Fund Management had invested about $413 million in various projects of Lodha Group.