Sri Lotus Developers Receives SEBI Nod for ₹792 Crore IPO Backed by Celebrities

In a significant development for India’s real estate sector, Sri Lotus Developers and Realty Limited has received the green light from the Securities and Exchange Board of India (SEBI) to launch its highly anticipated ₹792 crore initial public offering (IPO). The company, renowned for its expertise in ultra-luxury and luxury redevelopment projects in Mumbai’s western suburbs, filed its IPO papers with SEBI on December 24, 2024.

A Star-Studded Investment Story

Sri Lotus Developers has already captured the attention of the market with a successful private placement in December, raising approximately ₹400 crore by issuing 26.61 million shares at ₹150 each. The list of investors reads like a who’s who of Indian celebrities and marquee investors. Bollywood icon Amitabh Bachchan acquired 6.7 lakh shares for ₹10 crore, while the Shah Rukh Khan Family Trust invested ₹10.1 crore for 6.75 lakh shares. The roster also includes Hrithik Roshan, who picked up 70,000 shares for over ₹1 crore, and well-known investor Ashish Kacholia, who made a substantial investment of ₹50 crore for 33.33 lakh shares.

Led by Industry Expertise

At the helm of Sri Lotus Developers is promoter Anand Kamalnayan Pandit, a veteran with over 24 years of experience in the real estate domain. The company’s diverse portfolio is divided into three segments: Greenfield Projects, Redevelopment Projects, and Joint Development Projects, each contributing to Mumbai’s ever-evolving skyline.

Financial Performance and Growth

For the six months ending September 30, 2024, Sri Lotus Developers reported an impressive revenue from operations of ₹243.42 crore and a profit after tax of ₹90.63 crore, underscoring the company’s robust financial health and growth trajectory.

IPO Details and Utilization of Funds

The upcoming IPO, with a face value of Re 1 per share, will see a fresh issue of shares totaling ₹792 crore—there is no offer-for-sale component, ensuring all proceeds directly benefit the company. Of the total, ₹550 crore will be allocated to investments in subsidiaries Richfeel Real Estate Private Limited, Dhyan Projects Private Limited, and Tryksha Real Estate Private Limited. These investments will partially fund ongoing projects—Amalfi, The Arcadian, and Varun—while the remaining funds will support general corporate purposes.

Shaping Mumbai’s Skyline

With the SEBI nod, Sri Lotus Developers is poised to accelerate its mission of transforming Mumbai’s luxury real estate landscape. The company’s focus on high-end redevelopment and its ability to attract both celebrity and institutional investors position it as a key player in the city’s future growth.