Sri Lotus Developers, real estate company backed by Bollywood stars and renowned investor Ashish Kacholia, on Thursday fixed a price band of ₹140 to ₹150 per share for its ₹792 crore Initial Public Offering (IPO).
The initial share-sale will open for public subscription on July 30 and conclude on August 1, the company announced.
The IPO is entirely a fresh issue of shares with no Offer For Sale (OFS) component.
Proceeds from the fresh will be used for investment in its subsidiaries, Richfeel Real Estate Pvt Ltd, Dhyan Projects Pvt Ltd and Tryksha Real Estate Pvt Ltd for part-funding the development and construction cost of its ongoing projects, Amalfi, The Arcadian and Varun, respectively; besides, a portion will be used for general corporate purposes.
The Anand Kamalnayan Pandit-promoted company is a real estate developer engaged in construction of residential and commercial premises in Mumbai, Maharashtra, with a focus on redevelopment projects in the ultra luxury segment and luxury segment in the western suburbs.
As of June 30, 2025, the company completed projects, 5 ongoing projects and 11 upcoming projects.
Sri Lotus Developers and Realty's revenue from operations rose by 19% to ₹549.68 crore in Fiscal 2025 from ₹461.57 crore in the preceding fiscal, and profit after tax surged by 90 per cent to ₹228 crore from ₹120 crore during the period.
The company has reserved 50% of the issue for qualified institutional buyers (QIBs), 35% for retail investors and the remaining 15 per cent for non-institutional investors (NIIs).
In December, Sri Lotus Developers raised over ₹407 crore by allotting 2.66 crore shares on a private placement basis.
Among the investors, Bollywood icon Amitabh Bachchan purchased around 6.7 lakh shares for ₹10 crore, while the Shah Rukh Khan Family Trust acquired about 6.75 lakh shares for ₹10.1 crore. Ashish Kacholia picked up 33.33 lakh shares for ₹50 crore.
Other notable investors include Hrithik Roshan, Rakesh Roshan, Tiger Jackie Shroff, Ektaa Kapoor, Tusshar Kapoor and Jeetendra alias Ravi Amarnath Kapoor.
Monarch Networth Capital and Motilal Oswal Investment Advisors are the book-running lead managers of the public issue
