The Sri Lotus Developers and Realty IPO, set to launch on Wednesday, July 30, has issued equity shares through a private placement to several Bollywood stars. Notable figures include Shah Rukh Khan, Amitabh Bachchan, the Roshan family, and seasoned investor Ashish Kacholia. In 2024, shares were issued at a price of ₹150 each.
All of these investors have yet to see any returns. The company’s IPO is priced between ₹140-150 per share, which aligns with the price from its November 2024 private placement round when it raised ₹400 crore. At that time, shares were offered at ₹150 each to 118 investors—exactly matching the upper limit of the Sri Lotus Developers IPO price band.
The Shah Rukh Khan Family Trust has taken 6,75,000 shares for an investment of ₹10.1 crore, while Amitabh Bachchan purchased 666,670 shares for ₹10 crore during the private placement, as detailed in the Red Herring Prospectus (RHP) submitted by the company. Additionally, both Hrithik Rakesh Roshan and his father Rakesh Roshan hold 70,000 shares each.
Kacholia secured 3,333,300 equity shares for an investment of approximately ₹50 crore.
Prior to submitting its Draft Red Herring Prospectus (DRHP) in December 2024, Sri Lotus Developers gathered ₹399.20 crore via a private placement to 118 individual and institutional investors. This funding round also included participation from other notable figures such as Ektaa Ravi Kapoor, her brother Tusshar Kapoor, and their father Jeetendra.
Other film industry names like Tiger Shroff ( ₹50 lakh), Jeetendra (Ravi Kapoor), Tusshar Kapoor, Sajid Nadiadwala, and Manoj Bajpayee have made investments ranging from ₹10 lakh to ₹1 crore.
The company garnered considerable interest from Bollywood largely due to its promoter, Anand Kamalnayan Pandit, a recognised film producer and distributor. Additionally, other prominent investors like Jagdish Master and DRChoksey Finserv have also supported the company.
Sri Lotus Developers IPO details
Sri Lotus Developers IPO is solely composed of a new issue, aiming to raise ₹792 crore. Of the total funds raised, ₹550 crore will be allocated to its subsidiaries—Richfeel Real Estate Private Limited, Dhyan Projects Private Limited, and Tryksha Real Estate Private Limited—to partially cover the development and construction costs of ongoing projects: Amalfi, The Arcadian, and Varun, respectively.
The lead managers for this issue are Monarch Networth Capital and Motilal Oswal Investment Advisors.
Sri Lotus Developers IPO GMP today
Sri Lotus Developers IPO GMP is +34 . This indicates Sri Lotus Developers share price were trading at a premium of ₹34 in the grey market, according to investorgain.com.
Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Sri Lotus Developers share price was indicated at ₹184 apiece, which is 22.67% higher than the IPO price of ₹150.
‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
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