Star-Backed Sri Lotus Developers IPO Sees Tremendous Demand As Subscriptions Soar

Sri Lotus Developers and Realty Ltd, a real estate company with Bollywood endorsements and investor Ashish Kacholia backing, witnessed its initial public offering (IPO) being oversubscribed by 10.34 times on Thursday, the second day of bidding. The data from the National Stock Exchange (NSE) indicated bids for 40,99,20,100 shares versus 3,96,58,730 available.

Non-institutional investors showed heightened interest, subscribing 15.95 times, while Retail Individual Investors (RIIs) subscribed 8.89 times. The segment for Qualified Institutional Buyers (QIBs) attracted an 8.69 times subscription, signifying robust demand.

The IPO, scheduled to conclude on Friday, aims to raise Rs 792 crore exclusively through fresh issue shares, which will finance subsidiaries' real estate projects and corporate purposes. Anand Kamalnayan Pandit leads the company, focusing on luxury redevelopment projects in Mumbai.

(With inputs from agencies.)