Bollywood and big money: SRK-backed IPO to hit the markets soon after Sebi nod
Shah Rukh Khan is betting on Mumbai's luxury skyline. Sri Lotus Developers and Realty, a real estate firm backed by SRK's family trust,
Amitabh Bachchan
,
Hrithik Roshan
, and ace investor Ashish Kacholia, received Sebi's green light for a Rs 792 crore IPO.
The company, known for ultra-luxury redevelopment projects in Mumbai's western suburbs, plans to raise the entire amount via a fresh issue with no offer-for-sale component. IPO papers were filed in December 2024, and with the final nod in place, the glitzy real estate play is now ready for the public market.
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In a pre-IPO private placement in December, Sri Lotus raised Rs 400 crore by issuing shares at Rs 150 apiece. Shah Rukh Khan Family Trust picked up 6.75 lakh shares for Rs 10.1 crore, while Amitabh Bachchan invested Rs 10 crore.
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Hrithik Roshan, Ajay Devgn, Ektaa Kapoor, Sara Ali Khan, Tiger Shroff, and Rajkummar Rao also picked up stakes, joining a star-studded investor roster. Ashish Kacholia took the biggest slice of about Rs 50 crore for over 33 lakh shares.
Led by industry veteran Anand Kamalnayan Pandit, Sri Lotus Developers has built a reputation in Mumbai's premium property circuit. The firm is deeply entrenched in redevelopment and joint development projects, focusing on 2BHK and 3BHK homes priced between Rs 3 crore and Rs 7 crore, and penthouses and 4 BHK homes in the Rs 7 crore-plus range.
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Out of the IPO proceeds, Rs 550 crore will be channelled into its subsidiaries viz. Richfeel, Dhyan Projects, and Tryksha for ongoing projects like Amalfi, The Arcadian, and Varun. The rest will go towards general corporate purposes.
The company's financials show a meteoric rise. Revenue jumped from Rs 166.87 crore in FY23 to Rs 461.57 crore in FY24, a growth of nearly 177%. Profit after tax soared more than six times to Rs 119.81 crore. For the first half of FY25 alone, revenue hit Rs 243.42 crore with Rs 90.63 crore in profit.
Monarch Networth
and Motilal Oswal are acting as the lead managers and
KFin Technologies
as registrar.
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