India: Developers Shriram, Puranik to refile IPO papers after Lodha February 21, 2021 Shriram Properties Pvt. Ltd and Puranik Builders Pvt. Ltd could be next in the queue to launch initial public offerings (IPOs), hoping to exploit a surge in demand for primary market offerings, said three people familiar with the matter. The two real estate firms will follow Macrotech Developers, formerly known as Lodha Developers, which filed its draft prospectus earlier this week, in its third attempt. Bengaluru-based Shriram Properties and Mumbai’s Puranik Builders, both residential-focused developers, had filed draft red herring prospectus (DRHP) in the past and also received regulatory clearances for IPOs. Those plans, however, failed to materialize amid a prolonged slowdown in the residential sector, a liquidity crisis and, finally, the pandemic-led disruption. Macrotech’s move, as well as rallying stock markets and a gradual recovery in home-buying sentiment, may have prompted developers to approach public markets again.