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Sri Lotus Developers and Realty made a strong stock market debut, listing at over 19% above its issue price of INR 150. Shares opened at INR 179.10 on the BSE and INR 178 on the NSE, later trading near INR 183. Backed by Bollywood celebrities and investor Ashish Kacholia, the company now holds a market valuation of INR 8,971 crore. Its INR 792 crore IPO, fully fresh issue, was oversubscribed 69 times. Promoted by Anand Kamalnayan Pandit, the firm focuses on luxury redevelopment projects in Mumbai's western suburbs. IPO proceeds will fund developments like Amalfi, The Arcadian, and Varun, alongside corporate growth needs.
The shares of Sri Lotus Developers and Realty, a company backed by prominent Bollywood stars and well-known investor Ashish Kacholia, began trading on Wednesday with a strong premium of over 19% above its issue price of INR 150. On the BSE, the company's stock debuted at INR 179.10, a jump of 19.4%, before rising further to trade at INR 183.40. Similarly, on the NSE, the shares opened at INR 178 and later climbed to INR 183.70 apiece. The company's market valuation quickly reached INR 8,971.01 crore on the NSE. Advertisement
This successful market debut followed a highly anticipated and well-received initial public offering (IPO). The company's INR 792 crore IPO, which concluded last week, was oversubscribed by a remarkable 69.14 times on its final day of bidding. The IPO was structured as a fresh issue of shares with no offer for sale component, and the price band was fixed at INR 140 to INR 150 per share. Prior to the public bidding, the company had also raised INR 237 crore from institutional investors.
Sri Lotus Developers, promoted by Anand Kamalnayan Pandit, is a real estate developer that focuses on building residential and commercial properties in Mumbai, Maharashtra. A key part of its business strategy is to undertake redevelopment projects in the ultra-luxury and luxury segments, particularly in the western suburbs of the city. The funds raised from the fresh issue of shares are earmarked for investment in its subsidiaries, with the goal of part-funding the development and construction costs of its ongoing projects.
The capital will be used for specific developments, including Amalfi, The Arcadian, and Varun. In addition to these projects, a portion of the funds will be used for general corporate purposes. This strategic use of the IPO proceeds is aimed at accelerating the company's growth and strengthening its position in the competitive and lucrative Mumbai real estate market.
Source- PTI
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