How has been response to the Macrotech Developers IPO till now?

At the end of the second day of subscription, the much touted IPO of Macrotech Developers has received a very tepid response. The issue got just about 0.35 times subscription at the end of the second day. You must be aware that the IPO closes for subscription on Friday the 09 Apr and it remains to be seen what ground it can cover by then.

Macrotech, formerly Lodha Developers, received bids for 1.26 crore shares against 3.64 crore shares on offer. Retail appetite has been weak with retail portion subscribed just 12%. Macrotech proposes to raise Rs.2,500 crore through the IPO and while the company is large there are big question marks over the extent of debt that the company has.