Sri Lotus Developers and Realty stock jump over 19 pc in market debut

Shares of Sri Lotus Developers and Realty, backed by Bollywood stars and renowned investor Ashish Kacholia, on Wednesday listed with a premium of more than 19 per cent against the issue price of Rs 150.

The company's stock is listed at Rs 179.10, a jump of 19.4 per cent from the issue price on the BSE. Later, it rose by 22.27 per cent to trade at Rs 183.40 on the exchange.

On the NSE, it climbed 18.67 per cent to Rs 178 in the initial trade. Later, it jumped 22.37 per cent to trade at Rs 183.70 apiece.

The company's market valuation stood at Rs 8,971.01 crore on the NSE.

The Rs 792 crore Initial Public Offering (IPO) was subscribed 69.14 times on the final day of bidding on Friday.

Sri Lotus Developers on Tuesday raised Rs 237 crore from institutional investors.

The company has fixed a price band of Rs 140-150 per share for the IPO.

Its IPO is entirely a fresh issue of shares worth Rs 792 crore with no Offer For Sale (OFS) component.

Proceeds from the fresh issue will be used for investment in its subsidiaries, Richfeel Real Estate Pvt Ltd, Dhyan Projects Pvt Ltd and Tryksha Real Estate Pvt Ltd for part-funding the development and construction cost of its ongoing projects, Amalfi, The Arcadian and Varun, respectively; besides, a portion will be used for general corporate purposes.

The Anand Kamalnayan Pandit-promoted company is a real estate developer engaged in the construction of residential and commercial premises in Mumbai, Maharashtra, with a focus on redevelopment projects in the ultra luxury and luxury segments in the western suburbs.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)