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Sri Lotus Developers IPO closes today; subscription rises 19x, GMP at 30%
As of 1 PM on Friday, data from the National Stock Exchange (NSE) shows that the IPO attracted bids for approximately 738.74 million equity shares, significantly exceeding the 39.65 million shares available. This translates to an overall subscription rate of 18.63 times.
Breaking down the numbers by investor category, non-institutional investors (NIIs) led the way with their portion subscribed 37.53 times. Qualified Institutional Buyers (QIBs) portion was subscribed 11.25 times, while the retail investor segment was subscribed 14.48 times.
Sri Lotus Developers IPO grey market premium (GMP)
On the final day of bidding for the Sri Lotus Developers IPO, the company's unlisted shares were trading with a strong premium in the grey market. According to sources monitoring unofficial market trends, Sri Lotus Developers' unlisted shares were being quoted at ₹194 apiece. This implies a grey market premium (GMP) of ₹44 or 29.33 per cent, over the upper end of the price band of ₹140 to ₹150.
Sri Lotus Developers IPO Review
Sri Lotus Developers IPO key details
The ₹792 crore IPO of Sri Lotus Developers comprises a fresh issue of 52.8 million equity shares. Sri Lotus Developers' IPO is priced between ₹140 and ₹150 per share. The minimum bid lot consists of 100 shares, implying a retail investor should invest at least ₹15,000 to apply for one lot at the upper price band. A retail investor can apply for up to 13 lots — totalling 1,300 shares — which would require an investment of ₹1,95,000.
With the subscription window closing today, the IPO allotment status is likely to be finalised on Monday, August 4. Investors can expect shares to be credited to their demat accounts by Tuesday, August 5. The tentative listing date for Sri Lotus Developers on both the BSE and NSE is Wednesday, August 6.
Kfin Technologies is the registrar to the issue, while Monarch Networth Capital and Motilal Oswal Investment Advisors are the book-running lead managers.
As per the red herring prospectus (RHP), the company proposes to utilise the net fresh issue proceeds for investment in subsidiaries Richfeel Real Estate, Dhyan Projects and Tryksha Real Estate for part-funding development and construction costs of their ongoing projects, Amalfi, The Arcadian and Varun, respectively. The remaining funds will be used for general corporate purposes.
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