Mumbai-based real estate firm Sri Lotus Developers and Realty has received approval from the market regulator Securities and Exchange Board of India (SEBI) to float its initial public offering of Rs 792 crore, according to market sources. The company had filed draft IPO papers with SEBI in December 2024.
The firm is largely focused on the luxury-to-ultra luxury sector, primarily through redevelopment projects, and the company has also received attention due to its onboarding prominent investors, including actors Shah Rukh Khan, Amitabh Bachchan, Hrithik Roshan, and other investors such as Ashish Kacholia. The Rs 792 crore-IPO is slated to be a fresh issue, with no secondary share sales expected, the sources added.
In the company's most recently available financial numbers, revenue from operations for April-September 2024 were Rs 243.42 crore, while its topline in FY24 was Rs 461.57 crore, significantly higher year-on-year. The company's FY25 financial results are awaited.
Prior to the company filing its IPO papers, it raised Rs 400 crore through a private placement of more than 26 million shares worth Rs 150 each in the unlisted market, through which it onboarded the prominent investors, who bought small stakes. Shah Rukh Khan's family trust purchased shares worth Rs 10.1 crore, while Bachchan purchased a stake worth a similar value. Hrithik Roshan bought shares worth Rs 1 crore, while Ashish Kacholia bought a larger volume of shares, worth Rs 50 crore.
Other prominent investors in the company include actors and producers such as Ajay Devgn, Ektaa Kapoor, Sara Ali Khan, Rajkumar Rao, and Tiger Shroff.
Sources added that of the amount proposed to be raised, Rs 550 crore will be deployed to the company's ongoing residential projects Amalfi, The Arcadian, and Varun, in various parts of Mumbai, while the rest will be spent on general corporate purposes. The company has three completed projects, with 13 projects under construction or in the pipeline.
Monarch Networth Capital Ltd and Motilal Oswal Investment Advisors are bookrunners to the issue.
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