Sri Lotus Developers Launches Rs 792-Crore IPO with Price Band of Rs 140-150
By ScanX News Team
Sri Lotus Developers Ltd., a Mumbai-based real estate company, has opened its IPO to raise Rs 792 crore. The issue, priced at Rs 140-150 per share, runs from July 30 to August 1. Funds will be used for subsidiary investments and corporate purposes. The company shows strong revenue and EBITDA growth, with a portfolio of ongoing and upcoming projects. DRChoksey Research recommends 'Subscribe', despite the IPO being priced above peer average.
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Mumbai-based real estate development company, Sri Lotus Developers Ltd., has opened its initial public offering (IPO) for subscription, aiming to raise Rs 792.00 crore from the market. The IPO, which is open from July 30 to August 1, offers fresh equity shares priced between Rs 140.00-150.00 per share.
IPO Details
| Parameter | Details |
|---|---|
| Issue Size | Rs 792.00 crore |
| Price Band | Rs 140.00-150.00 per share |
| Face Value | Rs 1.00 per share |
| Subscription Period | July 30 to August 1 |
| Listing Date | August 6 (expected) |
| Exchanges | NSE and BSE |
Fund Utilization
The company plans to utilize the IPO proceeds as follows:
- Rs 550.00 crore for investment in subsidiaries to fund ongoing projects
- Rs 240.00 crore for general corporate purposes
Company Overview
Sri Lotus Developers has shown impressive growth in recent years:
- Revenue growth: 267.80% CAGR
- EBITDA growth: 81.50% CAGR
As of June 30, the company's project portfolio includes:
- 5 ongoing projects covering 0.80 million square feet
- 11 upcoming projects spanning 5.00 million square feet
Valuation and Analyst Rating
The IPO is priced at 24.50x EBITDA, which is above the peer average of 20.70x. DRChoksey Research has assigned a 'Subscribe' rating to the issue.
IPO Timeline
| Event | Date |
|---|---|
| Subscription Period | July 30 to August 1 |
| Expected Allotment Date | August 4 |
| Expected Listing Date | August 6 |
Investors interested in the real estate sector and looking for exposure to the Mumbai market may consider this IPO. However, as with any investment decision, it is advisable to review the company's financials, growth prospects, and risk factors before subscribing to the issue.
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