Sri Lotus Developers IPO: Real Estate Giant Sees Strong Demand, Check GMP and Details
Sri Lotus Developers, a Mumbai-based real estate firm backed by Bollywood celebrities, opened its IPO on July 30. The issue has been booked 7.51 times so far, with a strong GMP of ₹44. Learn more about the company, its projects, and investment recommendations.
Real EstateIpoMumbaiLuxury PropertiesSri Lotus DevelopersReal Estate NewsJul 31, 2025
On Tuesday, July 29, the company received significant investments from a range of institutional investors, including Tata Mutual Fund, Mahindra Manulife MF, Nippon India MF, Nuvama Asset Management, HSBC MF, SBI MF, Citigroup Global Markets Mauritius, Nomura Singapore Ltd, and Future Generali India Life Insurance Co. Ltd. The company issued 1.58 equity shares to 16 funds at ₹150 each, raising a total of ₹237 crore.
Sri Lotus Developers, promoted by Anand Kamalnayan Pandit, specializes in real estate development, focusing on the construction of both residential and commercial properties in Mumbai, Maharashtra. The company is particularly known for its ultra-luxury and luxury redevelopment projects in the western suburbs of Mumbai. As of June 30, 2025, the company has completed several projects and currently has 5 ongoing and 11 planned projects.
Angel One, a leading brokerage firm, has provided a positive outlook on the Sri Lotus Developers IPO. According to Angel One, the valuation of Sri Lotus Developers, at a post-issue P/E of approximately 32.2x, appears reasonable given its strategic focus on Mumbai’s high-entry-barrier luxury redevelopment segment. The brokerage recommends a ‘Subscribe’ rating for long-term investors.
On the first day of the IPO, Sri Lotus Developers saw a subscription of 3.60 times. The retail portion was subscribed 2.84 times, the Non-Institutional Investors (NII) portion was booked 3.10 times, and the Qualified Institutional Buyers (QIBs) portion received 5.31 times bids. By the end of the first day, the company had received bids for 14,26,50,000 shares against 3,96,58,730 shares on offer.
Rajan Shinde, a Research Analyst at Mehta Equities Ltd, highlighted the unique opportunity that the Sri Lotus Developers IPO presents. The company offers investors a chance to invest in a Mumbai-based real estate developer focused on the high-growth ultra-luxury and luxury housing segment. Despite the fragmented and competitive market, the company stands out as a specialized ultra-luxury developer with significant profit margins. The involvement of prominent investors and Bollywood figures in the pre-IPO placement increases visibility and raises expectations.
SBICAP Securities also provided a positive review of the IPO. The firm aims to expand its footprint in various micro-markets in the southern and central parts of Mumbai, including Nepean Sea Road, Prabhadevi, and the eastern suburbs like Ghatkopar. Operating on an asset-light model, the company maintains a robust balance sheet and a net debt-free position. Among its competitors, SLDRL achieves the highest EBITDA and PAT margins for FY25. The brokerage advises investors to subscribe to the IPO at the specified cut-off price.
The Sri Lotus Developers IPO consists entirely of a new issuance of shares valued at ₹792 crore, with no component for Offer For Sale (OFS). The funds raised from this new issuance will be allocated towards investments in its subsidiaries—Richfeel Real Estate Pvt Ltd, Dhyan Projects Pvt Ltd, and Tryksha Real Estate Pvt Ltd—to partially finance the development and construction expenses of its ongoing projects, namely Amalfi, The Arcadian, and Varun. A portion of the funds will also be reserved for general corporate purposes. Monarch Networth Capital and Motilal Oswal Investment Advisors are serving as the lead managers for this public offering.
The grey market premium (GMP) for the Sri Lotus Developers IPO today is +44. This indicates that the company's shares are trading at a premium of ₹44 in the grey market. Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Sri Lotus Developers share price is indicated at ₹194 apiece, which is 29.33% higher than the IPO price of ₹150. The grey market premium reflects investors' readiness to pay more than the issue price.
In December, Sri Lotus Developers secured over ₹407 crore by issuing 2.66 crore shares through private placement. Prominent investors include Bollywood legends like Amitabh Bachchan, who bought approximately 6.7 lakh shares for ₹10 crore, and the Shah Rukh Khan Family Trust, which obtained around 6.75 lakh shares for ₹10.1 crore. Ashish Kacholia acquired 33.33 lakh shares for ₹50 crore. Other notable investors include Hrithik Roshan, Rakesh Roshan, Tiger Jackie Shroff, Ektaa Kapoor, Tusshar Kapoor, and Jeetendra, also known as Ravi Amarnath Kapoor.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
Frequently Asked Questions
What is the price band for the Sri Lotus Developers IPO?
The price band for the Sri Lotus Developers IPO is set at ₹140-150 per share.
How much has Sri Lotus Developers raised from institutional investors in the anchor round?
Sri Lotus Developers has raised ₹237 crore from institutional investors in the anchor round.
What is the subscription status of the Sri Lotus Developers IPO on the first day?
On the first day, the Sri Lotus Developers IPO was subscribed 3.60 times, with the retail portion subscribed 2.84 times, NII portion subscribed 3.10 times, and QIBs portion receiving 5.31 times bids.
What is the grey market premium (GMP) for the Sri Lotus Developers IPO?
The grey market premium (GMP) for the Sri Lotus Developers IPO is +44, indicating a premium of ₹44 in the grey market.
Which brokerage firms have recommended subscribing to the Sri Lotus Developers IPO?
Angel One and SBICAP Securities have recommended subscribing to the Sri Lotus Developers IPO, citing the company's strategic focus and strong financials.
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