Bollywood Stars Back Sri Lotus Developers' Rs 792 Crore IPO
By ScanX News Team
Mumbai-based Sri Lotus Developers and Realty Ltd. is launching its IPO from July 30 to August 1, aiming to raise Rs 792 crore. The company has already raised Rs 399.20 crore through a pre-IPO placement, attracting investments from Bollywood celebrities like Shah Rukh Khan and Amitabh Bachchan. The IPO funds will be used to invest Rs 550 crore in subsidiaries for real estate projects in Mumbai. The company has five ongoing projects and eleven upcoming projects, totaling 1.94 million sq. ft. of saleable area. Sri Lotus Developers reported strong financials with revenue of Rs 549.60 crore and an EBITDA margin of 52.57%. The IPO is scheduled to list on BSE and NSE on August 6.
*this image is generated using AI for illustrative purposes only.
Mumbai-based real estate developer Sri Lotus Developers and Realty Ltd. is set to launch its Initial Public Offering (IPO) from July 30 to August 1, aiming to raise Rs 792 crore through fresh share issuance. The company has already attracted significant attention from high-profile investors, including Bollywood celebrities.
Star-Studded Pre-IPO Placement
Prior to the public offering, Sri Lotus Developers successfully raised Rs 399.20 crore through a private placement, involving 118 investors. Notable among these are Bollywood icons:
- Shah Rukh Khan: Invested Rs 1.01 crore
- Amitabh Bachchan: Invested Rs 1 crore
Other celebrity investors include Hrithik Roshan, Rakesh Roshan, Ektaa Ravi Kapoor, Tusshar Kapoor, and Jeetendra. The company also attracted investments from market veterans Ashish Kacholia and Jagdish Master. All private placement shares were priced at Rs 150 per share.
IPO Details and Fund Utilization
The upcoming IPO aims to raise Rs 792 crore, with the funds earmarked for strategic investments:
- Rs 550 crore will be deployed to fund subsidiaries developing real estate projects across the Mumbai Metropolitan Region
- The focus will be on luxury residential projects in Mumbai's western suburbs
Company Profile and Projects
Sri Lotus Developers and Realty Ltd. has established a significant presence in the Mumbai real estate market:
- Five ongoing projects with 0.30 million sq. ft. saleable area
- Eleven upcoming projects with 1.64 million sq. ft. saleable area
Financial Performance
The company has demonstrated strong financial results:
| Metric | Amount (in crore) | Margin |
|---|---|---|
| Revenue | 549.60 | - |
| EBITDA | 288.90 | 52.57% |
| Profit | 227.80 | - |
IPO Timeline
- Subscription Period: July 30 to August 1
- Expected Listing Date: August 6
- Listing Venues: BSE and NSE
The involvement of high-profile investors and the company's strong financial performance have generated significant interest in this IPO. Investors and market watchers will be keenly observing the public response to Sri Lotus Developers' offering in the coming days.
19
