Backed by marquee names, luxury real estate company Sri Lotus Developers and Realty has formally announced the price band for its upcoming IPO. The company shall be selling its shares in the range of Rs 140-150 apiece, with a lot size of 100 equity shares and its multiples thereafter.
Interestingly, the IPO of Sri Lotus and Developers is backed by some of the marquee Bollywood celebrities like Shah Rukh Khan, Amitabh Bachchan, Hrithik Roshan, Ravi Kapoor (Jitendra), Ekta Ravi Kapoor, Manoj Bajpayee, Shailesh Lodha and others. Even seasoned Dalal Street investors, Ashish Kacholia has picked up stake in the company as per the draft papers.
Sri Lotus Developers shall be raising a total of Rs 792 crore via IPO, which is entirely a fresh share sale of 5.28 crore equity shares. The IPO shall kick-off for bidding on Wednesday, July 30 and close for subscription on Friday, August 01. Anchor book for the issue will open on Tuesday, July 29.
According to the RHP of the company, Sri Lotus Developers raised a total of Rs 399.25 crore via a private placement on December 14, 2024, about seven months before launching its IPO. The company issued 2,66,16,186 equity shares at a price of Rs 150 apiece to 118 entities including the above mentioned names.
Dalal Street veteran Ashish Kacholia bought 33,33,300 equity shares in the company for nearly Rs 50 crore, while Shah Rukh Khan Family Trust bought 6,75,000 equity shares for little more than Rs 10.12 crore. Ajay Devgn, who is officially named as Vishal Virendra Devgan bought 38,33,300 equity shares for Rs 57.5 crore in the placement.
Amitabh Bachchan, fondly known as Big B, bought 6,66,670 equity shares worth Rs 10 crore. Hritik Roshan and Rakesh Roshan bagged 1,40,000 shares for Rs 2.1 crore. Ekta Kapoor, Jitendra and Tusshar Kapoor cumulatively bought 3,33,000 equity shares for nearly Rs 5 crore, while Tiger Jackie Shroff invested Rs 50 lakh. Sajid Nadiadwala bought 66,670 shares for Rs 1 crore.
Another prominent stock market investor and director of financial services firm Deep Financial Consultants, Jagdish Naresh Master and DR Choksey Finserv also acquired 6,66,600 equity shares for Rs 10 crore each. Actors Shailesh Lodha and Manoj Bajpayee invested Rs 15 lakh and Rs 10 lakh, respectively.
Interestingly, investment of these bigshots has not appreciated as the company is offering shares to investors at the same price, equal to that of the price of private placement. All these holdings remain at cost despite the eight-month wait and a rebound in market indices.
Last heard, Sri Lotus Developers were commanding a grey market premium (GMP) of Rs 45-50 apiece, suggesting listing pop of 30-32 per cent for the investors. shares of Monarch Networth Capital and Motilal Oswal Investment Advisors are managing the issue, while Kfin Technologies is the registrar for the issue.