mumbai the ipo for macrotech developers earlier known as lodha developers closed on friday with the issue subscribed 14 times the offer the portion reserved for institutional investors was subscribed 31 times while the retail investor portion was subscribed 04 times and the noninstitutional high net worth investors category was subscribed 15 times the portion reserved for employees was subscribed 02 timesthe rs 2500crore ipo of macrotech one of the largest residential real estate developers in the country had opened on wednesday at a price band of rs 483486 per share a day before the ipo opened the company had allotted about 15 crore shares to a clutch of foreign and domestic investors to raise rs 740 croreon friday afternoon the grey market premium gmp for macrotech developers was in the rs 56 range or 115 of the ipo price in comparison some of the recent ipos had commanded gmps in the range of 80100 higher gmps indicate a better listing gain for investors the stock is expected to be listed in the third week of this monthat the upper end of the ipo price band macrotech developers will have a market capitalisation of about rs 21750 crore dlf with a market cap of rs 69173 crore and godrej properties with rs 37875 crore are currently valued more than the estimated valuation of macrotech developersof the total amount being raised through the ipo rs 1500 crore will be used to reduce the companys debt rs 375 crore for acquiring land and land developmental rights while the rest will be kept aside for spending on general corporate purposes this is the third time that the company has been trying to get listed after withdrawing its prospectus in 2009 and then again in 2018the 26yearold macrotech developers is a major player in the residential real estate market with its business mainly concentrated in and around the mumbai metropolitan region in 2019 it entered the logistics and industrial parks segment as a developer the company said in the ipo documents axis capital jp morgan and kotak investment banking are among the 10 merchant bankers managing the offer