Curation Team
NEW DELHI: Shares of Sri Lotus Developers and Realty, backed by renowned investor Ashish Kacholia, closed the first day of trade with a premium of more than 31 per cent against the issue price of Rs 150 on Wednesday.
The stock listed at Rs 179.10, up by 19.4 per cent from the issue price on the BSE. During the day, the shares of Sri Lotus Developers and Realty surged 31.3 per cent to hit a high of Rs 197 apiece.
Later, shares settled at Rs 196.85, up 31.23 per cent.
On the NSE, the stock climbed 18.67 per cent to Rs 178 in the initial trade. Later, the shares of the company bounced closed at Rs 195.80, up 30.53 per cent, also its upper price band.
At the market close, the company’s market valuation stood at Rs 9,620.53 crore on the BSE.
In volume terms, 9.18 crore equity shares were traded on the NSE while 1.69 crore shares changed hands on the BSE, during the day.
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.
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.
