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Report: Uncertainties in India's stock market prompt further delay in Lodha IPO

The uncertainties surrounding India's stock market could prompt a delay in Lodha Developers Ltd.'s proposed listing in the country, The Economic Times of India reported, citing two sources with direct knowledge of the development.

In an emailed response, the Mumbai-based property company told the publication it remains in discussions with its book-running lead managers to decide on the timeline of the IPO. It added that a decision will be made soon regarding the plan that has already received approval from the Securities & Exchange Board of India, or Sebi, in July.

Amid the delay, the targeted proceeds from the offering may also be revised to between 40.00 billion rupees and 45.00 billion rupees from the initial 55.00 billion-rupee target, according to one of the unnamed sources cited in the Oct. 13 report.

Lodha Developers filed a prospectus with Sebi for the listing in September 2009 but the application was withdrawn because of weak stock market conditions at the time. The IPO-hopeful revived its listing efforts in April with the submission of a draft red herring prospectus for the offering, the paper added.

As of Sept. 12, US$1 was equivalent to 73.59 rupees.