Bollywood-backed realtor Sri Lotus Developers files DRHP for Rs 792 cr IPO

Earlier this month, the company raised about Rs 408 crore through a private placement

Mumbai-based real estate firm Sri Lotus Developers and Realty has filed a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) to raise Rs 792 crore through an Initial Public Offering (IPO).

 

The company, founded by film producer Anand Pandit, counts top Bollywood actors and personalities among its investors, including Amitabh Bachchan, Shah Rukh Khan, and Hrithik Roshan.

 

Earlier this month, the company raised Rs 407.6 crore through a private placement. Bachchan acquired approximately 6.7 lakh shares for Rs 10 crore, while Khan’s Shah Rukh Family Trust purchased 6.75 lakh shares for Rs 10.1 crore. Hrithik Roshan bought 70,000 shares for a little over Rs 1 crore.

 

 

Other notable investors in the company include Ashish Kacholia, Ekta Kapoor, Tusshar Kapoor, Jeetendra, Tiger Shroff, Rakesh Roshan, Sajid Nadiadwala, and Manoj Bajpayee.

 

The company plans to utilise the net proceeds from the IPO to invest in its subsidiaries, partly funding development and construction costs for ongoing projects and general corporate purposes. Around 70 per cent of the funds, or Rs 550 crore, will be allocated for these purposes.

 

The company’s promoters—Anand Pandit, Roopa Anand Pandit, and Ashka Anand Pandit—currently hold 80.76 per cent of the pre-IPO paid-up equity share capital. The IPO will be a completely fresh issue of equity shares with a face value of Re 1 each, with no offer-for-sale component.

 

As of November 30, 2024, Sri Lotus Developers has a developable area of 0.68 million square feet across both residential and commercial properties. Its portfolio includes three completed projects, six under-construction projects, and seven upcoming projects.

 

For the quarter ended September 2024, the luxury property developer reported revenue from operations of Rs 243.43 crore and a net profit attributable to owners of the parent at Rs 90.5 crore.

 

The proposed issue will be made through the book-building process.