Macrotech Developers' ₹2,500-crore IPO subscribed 26% on Day 1

The initial public offer (IPO) of Macrotech Developers, formerly known as Lodha Developers, was subscribed 26% on the first day of bidding. The issue price of the ₹2,500-crore IPO, which will close on April 9, was fixed at ₹483-₹486 apiece. The company said it is going to utilise the net issue proceeds for acquisition of land and repayment of debts.