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4w ago

Sri Lotus Developers IPO Oversubscribes 11.67× as Allotment Nears

A grey market premium around ₹40 signals a strong debut following allotment on August 4.

IPO GMPs rise as Sri Lotus fetch 21x subscription; NSDL, M&B Engineering at 11x bids
Sri Lotus Developers IPO, Sri Lotus Developers IPO Subscription Status

Overview

  • The fully fresh issue of 5.28 crore shares priced at ₹140–150 per share raised ₹792 crore for luxury residential redevelopment.
  • Sri Lotus’s IPO closed on August 1 with an overall subscription of 11.67 times after a three-day book-building process.
  • Anchor investors included Bollywood stars Amitabh Bachchan, Shah Rukh Khan and Hrithik Roshan along with Societe Generale-ODI, Tata Small Cap Fund and Mahindra Manulife Multi Cap Fund.
  • Proceeds will fund subsidiaries Richfeel Real Estate, Dhyan Projects and Tryksha Real Estate for part-funding ongoing construction and general corporate purposes.
  • Allotment is due on August 4, with shares set to list on the BSE and NSE on August 6 and grey market premiums of ₹37–42 suggesting about a 28% listing gain.