IPO-bound luxury real estate firm Sri Lotus Developers and Realty has kept the price band of its shares at Rs 140-150 -- unchanged from the pre-placement round -- in order to "ensure parity" for new investors.
A galaxy of filmstars like Shah Rukh Khan, Amitabh Bachchan, Hrithik Roshan (and his father Rakesh Roshan), and Ajay Devgn, besides ace investor Ashish Kacholia, had bought into the company during the pre-IPO round.
In December 2024, the company raised Rs 400 crore in a pre-IPO placement. Khan's family trust bought shares worth Rs 10.1 crore, while Bachchan invested a similar amount. Kacholia picked up shares worth Rs 50 crore. Prominent investor Jagdish Master and DRChoksey Finserv were also among the investors.
"All of them, be it Kacholia, Master, Shah Rukh Khan, or Bachchan, are investors in the company, and they are not here to make a quick buck over a two or six month-period. They have seen our journey and want to be part of it. They are here for the long term. I also want to treat my new investors (in the IPO) on par with them," said Anand Pandit, the company's Chairman and MD.
Sri Lotus Developers is known for its deep ties to Mumbai's entertainment industry, with Anand also being a prominent film producer. His firm is a project management consultant for the renovation of Khan's residence "Mannat" at Bandstand, Bandra, and is also redeveloping the Shree Amrit housing society at Carter Road, where Khan owns a property.
The firm has also sold flats and offices to celebrities such as Sara Ali Khan, Amrita Singh, Kartik Aaryan, and a number of other actors, besides film and television production houses.
The company is aiming to raise Rs 792 crore in the IPO, which opens for subscription on July 30. The IPO will be a fresh issue of shares, with no secondary sale component. Most of the funding is expected to be spent on completing a set of luxury real estate projects across Bandra, Juhu, etc.
The company, Anand said, aims to operate primarily in "asset-light" redevelopment and joint development. Besides residential properties, the company also builds commercial projects.
Anand added that the company generally aims for price points north of Rs 60,000 per square foot across most of its markets, with the ongoing projects largely being in Mumbai's western suburbs.
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