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The initial public offer of Macrotech Developers was subscribed 26 percent on the first day of subscription on Wednesday.

The issue received bids for 95,91,420 shares against 3,64,18,219 shares on offer, as per NSE data.

The category for qualified institutional buyers was subscribed 58 percent, non institutional investors 11 percent and retail individual investors 15 percent.

The initial public offer is for up to Rs 2,500 crore. Price range for the offer is Rs 483-486 per share. The issue will close on April 9.

Realty major Macrotech Developers Ltd, erstwhile Lodha Developers, on Tuesday raised Rs 740 crore from anchor investors.

It has raised Rs 740 crore from 14 anchor investors, the company said in a regulatory filing.

Axis Capital, J P Morgan India Private Limited, Kotak Mahindra Capital Company Limited and Edelweiss Financial Services are the global co-ordinators and book running lead managers to the offer.

The company informed that it has allocated 1.52 crore shares at Rs 486 per scrip to anchor investors.

As many as 12 foreign portfolio investors participated in the anchor.

The FPIs are Capital Group; Nomura; Ivanhoe Cambridge, real estate arm of CDPQ; Wellington Asset Management; Abu Dhabi Investment Authority, Abu Dhabi’s sovereign fund; Platinum Asset Management, Marshall Wace, Brookfield Asset Management, Segantii, York, Oxbow and Discovery.

These investors were allocated approximately 1.45 crore shares for approximately Rs 705 crore.

Two domestic investors, including one mutual fund, were allocated about 7.3 lakh shares for about Rs 35.3 crore.

The domestic investors are HDFC Mutual Fund and Premji Invest, India’s largest family office.

This is the third attempt by Lodha Developers to launch a public issue and list its shares on the stock exchanges. In 2009 and 2018, the company had filed IPO documents and also got Sebi approval but did not hit the capital market as market conditions were not conducive.