SRK-Backed Sri Lotus Developers Set to Launch ₹792 Crore IPO After Sebi Approval
Sri Lotus Developers, a real estate firm backed by Shah Rukh Khan's family trust and other celebrities, has received Sebi approval for a ₹792 crore IPO. The funds will be used for upscale Mumbai redevelopment projects.
Sri Lotus IpoShah Rukh Khan InvestmentMumbai Luxury Real EstateCelebrity InvestorsSebi ApprovalReal Estate MumbaiMay 20, 2025
The company, known for its ultra-luxury redevelopment projects in Mumbai’s western suburbs, plans to raise the entire amount through a fresh issue with no offer-for-sale component. The IPO papers were filed in December 2024, and with the final approval in place, the glitzy real estate venture is now ready to enter the public market.
In a pre-IPO private placement in December, Sri Lotus raised ₹400 crore by issuing shares at ₹150 apiece. Shah Rukh Khan's Family Trust picked up 6.75 lakh shares for ₹10.1 crore, while Amitabh Bachchan invested ₹10 crore. Hrithik Roshan, Ajay Devgn, Ektaa Kapoor, Sara Ali Khan, Tiger Shroff, and Rajkummar Rao also joined the investor roster, with Ashish Kacholia taking the biggest slice of about ₹50 crore for over 33 lakh shares.
Led by industry veteran Anand Kamalnayan Pandit, Sri Lotus Developers has built a strong reputation in Mumbai’s premium property market. The firm focuses on 2BHK and 3BHK homes priced between ₹3 crore and ₹7 crore, as well as penthouses and 4 BHK homes in the ₹7 crore-plus range. The company’s financials show a meteoric rise, with revenue jumping from ₹166.87 crore in FY23 to ₹461.57 crore in FY24, a growth of nearly 177%. Profit after tax soared more than six times to ₹119.81 crore. For the first half of FY25 alone, revenue hit ₹243.42 crore with ₹90.63 crore in profit.
Out of the IPO proceeds, ₹550 crore will be allocated to its subsidiaries, including Richfeel, Dhyan Projects, and Tryksha, for ongoing projects like Amalfi, The Arcadian, and Varun. The remaining funds will be used for general corporate purposes. Monarch Networth and Motilal Oswal are acting as the lead managers, while KFin Technologies will serve as the registrar for the IPO.
Sri Lotus Developers' success is a testament to the growing demand for premium real estate in Mumbai, driven by a combination of strategic investments and a strong market outlook. With the IPO on the horizon, the company is well-positioned to expand its footprint and continue delivering high-quality projects in one of India’s most vibrant cities.
Frequently Asked Questions
What is the purpose of Sri Lotus Developers' IPO?
The purpose of the IPO is to raise ₹792 crore for ongoing premium housing projects and general corporate purposes in Mumbai's luxury real estate market.
Who are the key investors in Sri Lotus Developers?
Key investors include Shah Rukh Khan's Family Trust, Amitabh Bachchan, Hrithik Roshan, Ashish Kacholia, and other celebrities like Ajay Devgn, Ektaa Kapoor, Sara Ali Khan, Tiger Shroff, and Rajkummar Rao.
How much revenue did Sri Lotus Developers generate in FY24?
Sri Lotus Developers generated ₹461.57 crore in revenue in FY24, showing a growth of nearly 177% from ₹166.87 crore in FY23.
What projects will the IPO proceeds fund?
The IPO proceeds will fund ongoing projects like Amalfi, The Arcadian, and Varun through subsidiaries Richfeel, Dhyan Projects, and Tryksha.
Who are the lead managers for the Sri Lotus Developers IPO?
Monarch Networth and Motilal Oswal are acting as the lead managers for the Sri Lotus Developers IPO.
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