The upbeat debut wasn’t a surprise to those who had been tracking the IPO.
“Despite the current market volatility, the listing was broadly in line with our expectations,” said Prashanth Tapse, Sr. VP and Research Analyst at Mehta Equities.
“It shows investor confidence in Sri Lotus Developers’ focused approach and its positioning in Mumbai’s premium housing segment.”
Tapse also offered a word of advice for investors:
“Those who got allotments should HOLD the stock long-term — the luxury housing space still has legs. For those who didn’t get in during the IPO, it’s best to WAIT & WATCH. There may be better entry points if the stock pulls back in the short term.”