Macrotech Developers Limited (formerly Lodha Developers) has filed a draft red herring prospectus with market regulator Securities and Exchange Board of India (Sebi) to raise around INR 25 billion via an initial public offer, sources with knowledge of the matter told Moneycontrol. “The e-filing of the DRHP has been done. The Lodha IPO is majorly a primary issue of shares and the proceeds are likely to be used for debt reduction, land acquisition and new projects,” said one of the persons cited above. “There are a total of 10 investment banks working on the IPO. Axis Capital, JP Morgan and Kotak are the lead advisors followed by ICICI Securities, Edelweiss Securities, IIFL Securities, SBI Capital, JM Financial, Yes Securities and Bank of Baroda Capital,” a second person told Moneycontrol. “Law firm Cyril Amarchand Mangaldas is the company counsel and Indus Law is the banker’s counsel. Sidley Austin is the international legal counsel. The exact launch timeline for the IPO will be decided later,” a third person told Moneycontrol. A fourth person also confirmed the filing of the DRHP. All the four persons spoke to Moneycontrol on condition of anonymity. Moneycontrol tried to get in touch with the Lodha Group but could not elicit an immediate comment. The investment banks and law firms could not be contacted immediately as well.