Sri Lotus IPO Soars: A Blockbuster Backed by Bollywood and Big Investors

Sri Lotus Developers and Realty Ltd's IPO saw tremendous demand, being subscribed 69.14 times. Notable backers include Bollywood stars and investor Ashish Kacholia. The issue aims to fund ongoing luxury redevelopment projects and raised Rs 237 crore from institutional investors, with a fixed share price between Rs 140-150.

Sri Lotus Developers and Realty Ltd's initial public offering captured significant attention, achieving a subscription rate of 69.14 times by the close of bidding on Friday.

The offering attracted bids for 2,74,18,69,400 shares against the available 3,96,58,730 shares, as per NSE statistics. Particularly impressive was the 163.90 times subscription by qualified institutional buyers (QIBs), while non-institutional investors subscribed 57.71 times, and retail investors 20.28 times. Earlier in the week, Sri Lotus Developers secured Rs 237 crore from institutional players.

The proposed share price ranges between Rs 140-150, with funds designated for strategic growth investments in their subsidiaries and several high-profile projects in Mumbai's western suburbs. With Monarch Networth Capital and Motilal Oswal Investment Advisors leading the charge, this IPO is a major step forward for the Anand Kamalnayan Pandit-promoted company.

(With inputs from agencies.)