IPO update: Macrotech Developers

Macrotech Developers came out with its IPO about six weeks ago. Value Research's analysis of the IPO can be found here. In this follow-up article, we focus on the IPO's performance, post-IPO events and the changes in its valuations since then. Our analysis of the IPO While giving the company a score of 17 out of 27, we deliberated on various strengths and weaknesses. Having a strong presence in the Mumbai Metropolitan Region (MMR), the company focuses on mid-income and premium housing projects. In our analysis, we shed light on the company's large land bank and high entry barriers of the industry but at the same time, we highlighted the company's weak balance sheet. Apart from a high amount of debt, we expressed concern about the company's high degree of geographic concentration and the outsized impact of the pandemic-induced lockdown on real-estate companies in general. Its performance since listing The