Sri Lotus Developers Shine with Over 31% Stock Surge
Sri Lotus Developers and Realty's shares soared by over 31% on their debut trading day, backed by investor Ashish Kacholia. The company, promoted by Anand Kamalnayan Pandit, focuses on ultra-luxury redevelopment projects in Mumbai. The IPO saw immense interest, being subscribed 69.14 times.
- Country:
- India
Shares of Sri Lotus Developers and Realty, the company backed by renowned investor Ashish Kacholia, soared over 31% during its debut trading day on Wednesday, closing at a premium higher than the issue price of Rs 150.
Initially listed at Rs 179.10 on the BSE, the stock saw an impressive spike, reaching a high of Rs 197. Meanwhile, on the NSE, it garnered an 18.67% increase, eventually settling at Rs 195.80, touching the upper price band limit.
The company's valuation soared to Rs 9,620.53 crore, buoyed by an enthusiastic response to its Rs 792 crore Initial Public Offering (IPO), which was subscribed 69.14 times. Sri Lotus Developers, a real estate firm, specializes in developing ultra-luxury projects in Mumbai's western suburbs.
(With inputs from agencies.)
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