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Kacholia, SRK-backed Sri Lotus IPO sets price band: All you should know

Shri Lotus Developers IPO: Shri Lotus Developers and Realty, a real estate developer backed by several Bollywood celebrities and ace investor Ashish Kacholia, has set the price band of its maiden public issue in the range of ₹140 to ₹150 per equity share. The company aims to raise ₹792 crore through a fresh issue of 52.8 million equity shares. There is no offer for sale (OFS) component. The lot size for an application is 100. Accordingly, a retail investor would require a minimum investment amount of ₹15,000 to bid for one lot or 100 shares. According to the red herring prospectus (RHP), the company has reserved not more than 50 per cent of the issue for qualified institutional buyers (QIBs), 35 per cent for retail investors and 15 per cent for non-institutional investors (NIIs). Kfintech Technologies is the registrar for the issue. Monarch Networth Capital and Motilal Oswal Investment Advisors are the book-running lead managers. According to the RHP, the issue will open for subscription on Wednesday, July 30, 2025, and close on Friday, August 1, 2025. The anchor investor period shall be one day prior to the opening date, i.e. Tuesday, July 29, 2025. The basis of allotment of shares is likely to be finalised on Monday, August 4, 2025. The stock will be listed on the National Stock Exchange (NSE) and BSE, tentatively on Wednesday, August 6, 2025. The company plans to use ₹550 crore from the net issue proceeds for investment in subsidiaries Richfeel Real Estate, Dhyan Projects and Tryksha Real Estate for part-funding development and construction costs of ongoing projects like Amalfi, The Arcadian and Varun, respectively. The remaining funds will be used for general corporate purposes. The company is backed by several Bollywood celebrities, including Shah Rukh Khan, Amitabh Bachchan, Hritik Roshan, Tiger Jackie Shroff, Manoj Vajpayee, and more are also part of the shareholders list of the company, as shown in the RHP. In December 2024, the company raised around ₹400 crore through a private placement of 26.61 million shares at ₹150 per share. Investor Ashish Kacholia had also purchased 3.3 million shares for ₹50 crore. About Sri Lotus Developers Mumbai-based Sri Lotus Developers is involved in the development of residential and commercial premises, with a focus in redevelopment projects in the ultra luxury segment and luxury segment in the western suburbs. It is led by promoter Anand Kamalnayan Pandit. The company classifies its projects into three main categories, including Greenfield Projects, Redevelopment Projects and Joint Development Projects. It specialises in high-end developments, including 2BHK and 3BHK flats priced between Rs 3 crore and Rs 7 crore, as well as larger units and premium office spaces. In the fiscal 2024-25 (FY25), Sri Lotus reported a revenue from operations of ₹549.68 crore, up 19 per cent from ₹461.57 crore in the previous fiscal. The company's net profit increased 90 per cent to ₹227.8 crore in FY25 from ₹119.8 crore in FY24. It reported earnings before interest, tax, depreciation and amortisation (Ebitda) of ₹228.96 crore, up 82 per cent from ₹158.5 crore in the previous fiscal. Ebitda margins expanded from 34.35 per cent to 52.57 per cent in the same period.