Bollywood stars and Ashish Kacholia-backed Lotus Developers files draft papers to raise Rs 792 crore via IPO

Lotus Developers IPO

Mumbai-based Sri Lotus Developers and Realty, backed by ace investor Ashish Kacholia, and several bollywood stars, has filed preliminary papers with the capital markets regulator SEBI to raise Rs 792 crore via initial share sale. The IPO comprises of solely fresh issue with no offer-for-sale component.

Promoters hold 91.78 percent stake in the Lotus Developers, and the remaining 8.22 percent equity stake is held by 150 public shareholders including bollywood stars, Ashish Kacholia, NAV Capital, Dovetail Global Fund, Minerva Ventures, Oppbasket.

On September 16 this year, the company had raised Rs 139.4 crore via private placement. It has issued 46.46 lakh equity shares at a price of Rs 300 per share to 37 investors including Money Spinners, Sera Investments, Smart Algo Solutions, NAV Capital, Dovetail Global Fund, Minerva Ventures, Yantra E-Solarindia, and Oppbasket.

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Further, on December 14 this year, it has mopped up Rs 399.2 crore via another private placement of 2.66 crore equity shares at a price of Rs 150 per share (the half the price of earlier private placement). A total of 118 investors have been allotted shares in the said private placement including Ashish Kacholia, Abundantia Capital, Astorne Capital, AARII Ventures, Topgain Finance, Turtle Crest, Aminiti Builders & Developers, DRChoksey Finserv, and Jagdish N Master, and Nurture Pranay Foundation.

Ashish Kacholia invested nearly Rs 50 crore in the company for 33.33 lakh shares, while well-known names of the film industry like Shah Rukh Family Trust, Amitabh Bachchan, Ektaa Ravi Kapoor, Tusshar Ravi Kapoor, Jeetendra Alias Ravi Amarnath Kapoor, Tiger Jackie Shroff, Rajkumar Yadav, Rakesh Roshan, Hrithik Rakesh Roshan, Sajid Suleman Nadiadwala, and Manoj Bajpayee picked 19.28 lakh shares in Lotus Developers for Rs 28.92 crore.

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The real estate developer with operations in Mumbai, focussing on redevelopment projects in the ultra luxury segment and luxury segment in the western suburbs.

It has completed three projects as of November 2024, while there are six ongoing projects and seven upcoming projects with estimated developable area of 1.05 million and 4.5 million square feet, respectively.

Anand Kamalnayan Pandit-promoted company will spend Rs 550 crore out of IPO proceeds for part-funding development and construction cost of ongoing projects - Amalfi, The Arcadian, and Varun by subsidiaries Richfeel Real Estate, Dhyan Projects, and Tryksha Real Estate, respectively. Further, remainder funds will be used for general corporate purposes.

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The merchant bankers handling the public issue will be Monarch Networth Capital, and Motilal Oswal Investment Advisors.