Curation Team
NEW DELHI: The initial public offer of Sri Lotus Developers and Realty Ltd, backed by Bollywood stars and renowned investor Ashish Kacholia, was subscribed 69.14 times on the final day of bidding on Friday.
The initial share sale received bids for 2,74,18,69,400 shares against 3,96,58,730 shares on offer, according to NSE data.
The category for qualified institutional buyers (QIBs) got subscribed a huge 163.90 times, while the quota for non-institutional investors received 57.71 times subscription. Retail individual investors (RIIs) attracted 20.28 times subscription.
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.
Monarch Networth Capital and Motilal Oswal Investment Advisors are the book-running lead managers of the public issue.
