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Report: India's Lodha Developers eyes $1B IPO

India's Lodha Developers Private Ltd. is aiming to launch an IPO of up to $1 billion during the second quarter, Reuters reported, citing people with knowledge of the transaction.

The property company will file a draft prospectus in February for an offering ranging from $700 million to $1 billion.

Citic CLSA, JM Financial, Kotak and Morgan Stanley are acting as the book runners for the proposed IPO, the news outlet added in the Feb. 2 report.

The company shelved its first IPO plans in 2010 on the back of weak market conditions. It planned to raise about 28.00 billion Indian rupees in the IPO.

In March 2016, Lodha revived its IPO plans and entered into talks with several investment banks with a target to raise between 25.00 billion rupees and 30.00 billion rupees.

However, in July 2017, Lodha's group managing director, Abhishek Lodha, was quoted as saying that the company was aiming for a 2018 listing, with plans to seek approval from the country's Securities and Exchange Board in the following months.

The Mumbai-based company is reportedly in separate talks for the sale of its XPeria Mall in Palava City, India, to Blackstone Group LP, GIC Pte. Ltd. and Xander Group.

According to its website, Lodha is developing roughly 43 million square feet of real estate, with 28 schemes underway in the Indian cities of Mumbai, Pune, Hyderabad and Bangalore, as well as overseas in London.

As of Feb. 1, US$1 was equivalent to 64.00 Indian rupees.