Sri Lotus Developers Gets Sebi Nod For ₹792 Crore IPO

New Delhi, May 20, 2025: Bollywood stars- and Ashish Kacholia-backed Sri Lotus Developers and Realty Limited has received final observation from SEBI to raise INR 792 crore through an IPO.

Sri Lotus Developers is engaged in the construction of residential and commercial premises in Mumbai with a focus on redevelopment projects in the ultra-luxury segment and luxury segment in the western suburbs.  

The company had filed its IPO papers with Sebi on December 24, 2024.
 
The IPO, with a face value of INR 1, is a fresh issue of shares up to INR 792 crore with no offer-for-sale component.
 
From superstars like Amitabh Bachchan and Shah Rukh Khan, to other big names like Ajay Devgn, Hrithik Roshan, Sara Ali Khan, Ektaa Kapoor, Tiger Shroff and all have recently bought small stakes in the company.
 
In December, Sri Lotus Developers raised approximately INR 400 crore through a private placement of 26.61 million shares at INR 150 per share.

Among the investors, Bachchan purchased around 6.7 lakh shares for INR 10 crore while the Shah Rukh Khan Family Trust acquired about 6.75 lakh shares for INR 10.1 crore. Other notable investors include Roshan, who bought 70,000 shares for slightly over INR 1 crore. Ace Investor Ashish Kacholia purchased 33.33 lakh shares for INR 50 crore.
 
The proceeds from the fresh issue to the extent of INR 550 crore will be used for investment in its subsidiaries, Richfeel Real Estate Private Limited, Dhyan Projects Private Limited and Tryksha Real Estate Private Limited for part-funding development and construction cost of its ongoing projects, Amalfi, The Arcadian and Varun, respectively, and general corporate purposes.

Sri Lotus Developers, since its inception, has focused on creating customer-centric environments that enhance lifestyles, establishing a brand-centered around customer satisfaction. The company’s operations are based in Mumbai.

According to an Anarock Report, from 2019 to 2023, the Mumbai Metropolitan Region ranked first among the top seven residential real estate markets in terms of supply, absorption and average base selling price.

In 2017, the company began acquiring land in the western suburbs of Mumbai, focusing on the ultra-luxury and luxury residential markets. Its growth can be attributed to its promoter, in-depth market knowledge, design and execution capabilities, sales ability and the trusted “Lotus Developers” brand.

Sri Lotus Developers is led by promoter Anand Kamalnayan Pandit, who brings over 24 years of real estate experience. The company’s projects fall into three categories: greenfield, redevelopment and joint development.

The realtor focuses on developing ultra-luxury and luxury residential properties, including 2BHK and 3BHK flats in the INR 3 crore-INR7 crore range (“luxury residential segment”) and 3BHK, 4BHK and larger flats and penthouses priced above INR 7 crore (ultra-luxury residential segment) as well as commercial office spaces.

As of November 30, 2024, the company had three completed projects, six ongoing projects and seven upcoming projects.

The company’s revenue from operations increased by 176.61 per cent from INR 166.87 crore in fiscal 2023 to INR 461.57 crore in fiscal 2024. Profit after tax increased by 635.57 per cent to INR 119.81 crore in fiscal 2024 to INR 16.29 crore in fiscal 2023.
 
For the six months ended September 30, 2024, revenue from operations stood at INR 243.42 crore and profit after tax stood at INR 90.63 crore.
 
Monarch Networth Capital Limited and Motilal Oswal Investment Advisors Limited are the book-running lead managers and KFin Technologies Limited is the registrar of the issue.

The equity shares are proposed to be listed on the NSE and the BSE.