Advertisement
Sri Lotus Developers, a luxury real estate firm led by Anand Kamalnayan Pandit, has announced its INR 792 crore Initial Public Offering with a price band set at INR 140 to INR 150 per share. The IPO, set to open for subscription in the coming week, is a 100% fresh issue, with proceeds aimed at funding ongoing premium residential and commercial projects in Mumbai's western suburbs. The offering has attracted prior backing from prominent investors, including Bollywood celebrities and investor Ashish Kacholia, who collectively invested over INR 407 crore in a private placement round late last year.
Sri Lotus Developers, a Mumbai-based real estate company known for its ultra-luxury and high-end redevelopment projects, has officially fixed the price band for its upcoming Initial Public Offering at INR 140 to INR 150 per share. The total issue size stands at INR 792 crore and is entirely a fresh issue, with no Offer For Sale (OFS) component involved. Advertisement
The IPO will open to the public next week and remain available for subscription for three days. Proceeds from this offering will be directed towards investments in its subsidiaries Richfeel Real Estate Pvt Ltd, Dhyan Projects Pvt Ltd, and Tryksha Real Estate Pvt Ltd. These funds will partly support the development and construction of its ongoing projects: Amalfi, The Arcadian, and Varun, respectively. A portion of the proceeds is also earmarked for general corporate purposes.
Founded and promoted by industry veteran Anand Kamalnayan Pandit, the firm has carved a niche in high-value real estate redevelopment across the western suburbs of Mumbai. As of June-end, the company had successfully delivered completed projects, had five under active construction, and was gearing up for 11 more launches.
In terms of financial performance, Sri Lotus Developers reported strong growth in Fiscal 2025. Its revenue from operations jumped 19% to INR 549.68 crore, up from INR 461.57 crore in the previous fiscal. Profit after tax saw an even more remarkable rise, surging by 90% to INR 228 crore compared to INR 120 crore earlier.
The IPO allocation has been structured to reserve 50% for Qualified Institutional Buyers (QIBs), 35% for retail investors, and 15% for Non-Institutional Investors (NIIs).
Last December, the company made headlines by raising over INR 407 crore through a private placement of 2.66 crore shares. This round attracted an impressive roster of investors. Bollywood superstar Amitabh Bachchan invested INR 10 crore for approximately 6.7 lakh shares, while the Shah Rukh Khan Family Trust acquired 6.75 lakh shares for INR 10.1 crore. Celebrated investor Ashish Kacholia came in strong with an INR 50 crore investment for 33.33 lakh shares. Other celebrity investors include Hrithik Roshan, Rakesh Roshan, Jackie Shroff, Tiger Shroff, Ektaa Kapoor, Tusshar Kapoor, and Jeetendra (Ravi Amarnath Kapoor).
The IPO will be managed by Monarch Networth Capital and Motilal Oswal Investment Advisors, who are acting as the book-running lead managers.
Source PTI
5th Jun, 2025
25th May, 2023
11th May, 2023
27th Apr, 2023
Advertisement
Facebook
Whatsapp
