NEW DELHI: The initial public offering (IPO) of Sri Lotus Developers and Realty Ltd, featuring prominent Bollywood figures and notable investor Ashish Kacholia, was oversubscribed 69.14 times by the close of bidding on Friday.
According to NSE data, the IPO received bids for 2,74,18,69,400 shares against an available 3,96,58,730 shares.
The segment for qualified institutional buyers (QIBs) was particularly robust, with a subscription of 163.90 times, while non-institutional investors saw a subscription rate of 57.71 times. Retail individual investors (RIIs) contributed a subscription rate of 20.28 times.
Sri Lotus Developers secured Rs 237 crore from institutional investors on Tuesday.
The company has set a price range of Rs 140-150 per share for its IPO, which comprises an entirely fresh issue of shares worth Rs 792 crore, with no offer for sale (OFS) component.
Funds raised from the fresh issue will support investments in its subsidiaries: Richfeel Real Estate Pvt Ltd, Dhyan Projects Pvt Ltd, and Tryksha Real Estate Pvt Ltd. These funds will partially finance the development and construction costs of ongoing projects, including Amalfi, The Arcadian, and Varun, in addition to serving general corporate purposes.
Spearheaded by Anand Kamalnayan Pandit, the company specializes in constructing residential and commercial properties in Mumbai, focusing on redevelopment projects in the luxury and ultra-luxury sectors of the western suburbs.
Monarch Networth Capital and Motilal Oswal Investment Advisors are serving as lead managers for this public offering.
