NEW DELHI: The initial public offering (IPO) of Sri Lotus Developers and Realty Ltd, a real estate firm backed by Bollywood celebrities and investor Ashish Kacholia, has been subscribed 10.34 times as of Thursday, the second day of bidding.
According to data from the NSE, the offering received bids for 40,99,20,100 shares versus the 3,96,58,730 shares available.
The non-institutional investor category was subscribed 15.95 times, while the segment for Retail Individual Investors (RIIs) saw an 8.89 times subscription rate. Meanwhile, the Qualified Institutional Buyers (QIBs) portion was subscribed 8.69 times.
Earlier this week, Sri Lotus Developers secured Rs 237 crore from institutional investors.
The IPO will close on Friday, with a price band set between Rs 140 and Rs 150 per share.
This IPO is a fresh issue of shares valued at Rs 792 crore, with no Offer For Sale (OFS) component.
Funds from this issuance will go towards investments in its subsidiaries—Richfeel Real Estate Pvt Ltd, Dhyan Projects Pvt Ltd, and Tryksha Real Estate Pvt Ltd—to partially finance the development and construction costs of ongoing projects such as Amalfi, The Arcadian, and Varun. Additionally, some proceeds will be allocated for general corporate purposes.
Promoted by Anand Kamalnayan Pandit, the company specializes in constructing residential and commercial properties in Mumbai, focusing on redevelopment projects in the ultra-luxury and luxury segments within the western suburbs.
Monarch Networth Capital and Motilal Oswal Investment Advisors are serving as the book-running lead managers for this public issue.
