NEW DELHI: Shares of Sri Lotus Developers and Realty, supported by renowned investor Ashish Kacholia, ended their first trading day with a remarkable rise of over 31% compared to the issue price of Rs 150 on Wednesday.
The stock debuted at Rs 179.10, reflecting a 19.4% increase from the issue price on the BSE. Throughout the day, shares soared by 31.3%, reaching a peak of Rs 197 each.
Shares eventually settled at Rs 196.85, up 31.23%.
On the NSE, the stock opened at Rs 178, marking an 18.67% rise. It eventually closed at Rs 195.80, a 30.53% increase, which is also its upper price limit.
By the end of the trading session, the company’s market capitalization was Rs 9,620.53 crore on the BSE.
In terms of trading volume, 9.18 crore equity shares were exchanged on the NSE, while 1.69 crore shares traded hands on the BSE.
The Rs 792 crore Initial Public Offering (IPO) was oversubscribed 69.14 times on the final bidding day last Friday.
Sri Lotus Developers raised Rs 237 crore from institutional investors on Tuesday, with a price range for the IPO set between Rs 140-150 per share.
Promoted by Anand Kamalnayan Pandit, the company specializes in real estate development, focusing on high-end residential and commercial projects in Mumbai’s western suburbs.
