Mumbai-based luxury real estate firm Sri Lotus Developers, led by film producer Anand Pandit, aims to raise ₹792 crore through its upcoming IPO. With Bollywood icons Amitabh Bachchan, Shah Rukh Khan, and Hrithik Roshan as prominent investors, the company’s DRHP filing with SEBI has garnered significant attention.
Mumbai’s Sri Lotus Developers and Realty, a luxury real estate company founded by film producer Anand Pandit, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise ₹792 crore via an Initial Public Offering (IPO).
Star-Studded Investors
Sri Lotus Developers boasts a roster of high-profile investors, including Bollywood superstars Amitabh Bachchan, Shah Rukh Khan, and Hrithik Roshan. Earlier in December, the company secured ₹407.6 crore through a private placement:
- Bachchan purchased 6.7 lakh shares for ₹10 crore.
- Shah Rukh Family Trust acquired 6.75 lakh shares for ₹10.1 crore.
- Hrithik Roshan bought 70,000 shares for over ₹1 crore.
Other notable investors include Ashish Kacholia, Ekta Kapoor, Tiger Shroff, Jeetendra, and Manoj Bajpayee, further underscoring the firm’s Bollywood connections.
Use of Funds
The IPO will be a fresh issue of equity shares, with no offer-for-sale (OFS) component. Net proceeds will be utilized for:
- Investments in subsidiaries.
- Funding development and construction costs for ongoing projects.
- General corporate purposes.
Approximately ₹550 crore (70% of the IPO proceeds) will be allocated toward these objectives.
Current Holdings and Operations
The promoters—Anand Pandit, Roopa Anand Pandit, and Ashka Anand Pandit—hold 80.76% of the company’s pre-IPO equity. Sri Lotus Developers currently has a developable area of 0.68 million square feet, comprising:
- 3 completed projects.
- 6 under-construction projects.
- 7 upcoming projects.
Financial Highlights
For the quarter ended September 2024, the company reported:
- Revenue from operations: ₹243.43 crore.
- Net profit: ₹90.5 crore.
IPO Process and Details
The IPO will be conducted through the book-building process, and shares will have a face value of ₹1 each.
With a growing portfolio of luxury residential and commercial projects, coupled with star-studded investor backing, Sri Lotus Developers is poised to make a strong market debut. The infusion of IPO funds will accelerate the company’s growth trajectory, enhancing its presence in Mumbai’s competitive real estate sector.
Stay tuned for updates on the IPO launch and subscription details!
