Sri Lotus Developers and Realty Limited, backed by Ashish Kacholia and Bollywood icons, received SEBI approval for a ₹792 crore IPO to fund luxury real estate projects in Mumbai.
Sri Lotus Developers and Realty Limited has received final approval from the Securities and Exchange Board of India (SEBI) to launch an initial public offering (IPO) worth ₹792 crore. The Mumbai-based real estate company specializes in luxury and ultra-luxury redevelopment projects primarily in the city’s western suburbs.
The IPO marks a significant milestone for Sri Lotus, backed by prominent investors including Ashish Kacholia and Bollywood legends Amitabh Bachchan and Shah Rukh Khan’s family trust. These marquee investors have already shown confidence in the company through recent private placements, with Bachchan acquiring shares worth ₹10 crore and Shah Rukh Khan’s family trust investing ₹10.1 crore. Hrithik Roshan and Ashish Kacholia also hold substantial stakes, adding to the strong backing for the company.
Promoted by Anand Kamalnayan Pandit, who brings over 24 years of real estate expertise, Sri Lotus operates in three core segments: Greenfield Projects, Redevelopment Projects, and Joint Development Projects. Their focus on upscale residential and commercial developments has helped the company carve a niche in Mumbai’s competitive real estate market.
For the six months ending September 30, 2024, Sri Lotus reported revenue from operations of ₹243.42 crore and a profit after tax of ₹90.63 crore, demonstrating strong financial performance ahead of the IPO.
The upcoming issue is a fresh share offering with a face value of Re 1 per share, raising ₹792 crore, of which ₹550 crore will be allocated towards funding ongoing projects through investments in subsidiaries such as Richfeel Real Estate, Dhyan Projects, and Tryksha Real Estate. These funds will support developments like Amalfi, The Arcadian, and Varun. The remainder will be used for general corporate purposes.
Monarch Networth Capital Limited and Motilal Oswal Investment Advisors Limited are managing the IPO as book-running lead managers, while KFin Technologies Limited is appointed as the registrar.
With strong financials, celebrity backing, and strategic funding plans, Sri Lotus Developers is poised to strengthen its presence in Mumbai’s luxury real estate sector through this ₹792 crore IPO.