Upcoming IPO: Sri Lotus Developers IPO opens on July 30; price band set at ₹140-150 apiece
Sri Lotus Developers IPO has reserved not more than 50% of the shares in the public issue for qualified institutional buyers (QIB), not less than 15% for non-institutional Institutional Investors (NII), and not less than 35% of the offer is reserved for retail investors.
Tentatively, Sri Lotus Developers IPO basis of allotment of shares will be finalised on Monday, August 4 and the company will initiate refunds on Tuesday, August 5 while the shares will be credited to the demat account of allottees on the same day following refund. Sri Lotus Developers share price is likely to be listed on BSE and NSE on Wednesday, August 6.
Sri Lotus Developers IPO consists entirely of a new issue, with the goal of raising ₹ 792 crore. Out of the total amount raised, ₹ 550 crore will be directed toward its subsidiaries—Richfeel Real Estate Private Limited, Dhyan Projects Private Limited, and Tryksha Real Estate Private Limited—to partly finance the development and construction expenses of ongoing projects: Amalfi, The Arcadian, and Varun, respectively.
The lead managers for the issue are Monarch Networth Capital and Motilal Oswal Investment Advisors.
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