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Lodha Developers is a Mumbai based builder of high end apartments in and around the city. They are planning to launch an IPO in December to raise around Rs 30 billion(USD 640 million). They are very much encouraged by the revival of demand in last months.

The proceeds of the proposed IPO will be used for retiring debt, for excisting projects and for fresh land acquisitions. Lodha Developers is currently developing 29 million sq ft of space across 38 projects, mostly in Mumbai.

At least 16 Indian developers have filed papers for public offers in the past two months, looking to raise a total of about USd 6 billion, following a revival in demand for homes in markets such as Mumbai and New Delhi.

Other developers expected to hit the market soon include Emaar MGF, Sahara Prime City, Oberoi Constructions and Godrej Properties.

Lodha Developers reported net profit of Rs 957 million in 2008/09, up 77% from the previous year, while income from operations rose almost three-quarters to Rs 9.5 billion, according to its draft prospectus.

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