Sri Lotus Developers IPO: Bachchan, SRK-Backed Firm's Issue Subscribed Over 10 Times On Day 2 — Check GMP

Sri Lotus Developers IPO: The mainboard issue has been subscribed 10.34 times as of Thursday with the NII portion booked 15.96 times.

Sri Lotus Developers IPO: The mainboard issue launched its initial public offering to raise up to Rs 792 crore. (Photo source: company website)

Sri Lotus Developers and Realty Ltd.'s Rs 792-crore initial public offering has been subscribed over 10 times as of the end of the second day of the issue. The price band is set at Rs 140-150 per share for the three-day IPO, which only comprises fresh issue with no offer for sale.

The minimum application lot size is 100 shares. The offer concludes on Friday, after which shares will be listed on the BSE and NSE. The real estate developer allotted 1.58 crore shares at Rs 150 apiece to 16 anchor investors.

The proceeds will be used for investment in subsidiaries Richfeel Real Estate Pvt., Dhyan Projects Pvt. and Tryksha Real Estate Pvt. for part-funding development and construction cost of ongoing projects and general corporate purposes, as per the draft red herring prospectus.

Also Read: NSE To Introduce 20% Lower Price Cap For SME IPO Pre-Open Session From Aug. 4

Sri Lotus Developers IPO Anchor Investment 

Societe Generale-ODI got the highest allocation of 18.99%. Tata Mutual Fund - Tata Small Cap Fund got the second-highest allotment of 14.77% and Mahindra Manulife Multi Cap Fund got 8.74% stake in the company. Three domestic mutual funds have applied through four schemes.

Tata Mutual Fund, Mahindra Manulife and HSBC have netted over 30%. Monarch Networth Capital Ltd. and Motilal Oswal Investment Advisors Ltd. are the book-running lead managers to the issue. The IPO backed by Bollywood stars like Amitabh Bachchan, Shah Rukh Khan and Hrithik Roshan, raised Rs 237 crore from anchor investors ahead of its initial public offering (IPO).

Megastar Amitabh Bachchan purchased around 6.7 lakh shares for Rs 10 crore, while the Shah Rukh Khan Family Trust acquired about 6.75 lakh shares for Rs 10.1 crore. Other notable investors include Hrithik Roshan, who bought 70,000 shares for slightly over Rs 1 crore.

Also Read: Sri Lotus Developers IPO: Amitabh Bachchan, SRK-Backed Issue Subscribed 345% On Day One So Far — Check GMP

Sri Lotus Developers IPO Details

  • Issue opens: July 30.

  • Issue closes: Aug 1.

  • Issue price: Rs 140-150.

  • Total offer size: Rs 792 crore.

  • Fresh issue: 5.28 crore shares aggregating to Rs 792 crore.

  • Lot size: Minimum 100 shares.

Sri Lotus Developers IPO Subscription Day Two

The Sri Lotus IPO has been subscribed 10.34 times as of 5:00 p.m. on Thursday.

  • Qualified Institutions: 8.69 times

  • Non-Institutional Buyers: 15.96 times.

  • Retail Investors: 8.90 times

  • Portion reserved for employees: 7.83 times.

Also Read: Brigade Hotel Ventures Lists At 11% Discount Over IPO Price

Sri Lotus Developers IPO IPO GMP

The grey market premium for Sri Lotus Developers IPO was Rs 42, as of 6:35 p.m. on July 31, according to InvestorGain. That implies a potential listing at around Rs 192 per share, marking a premium of 28%.

GMP or grey market price is not an official indicator and is based on market speculation.

Also Read: NSDL IPO Day 2: Issue Subscribed Over Five Times — Check GMP

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WRITTEN BY
Ann Jacob
Ann Jacob tracks markets with a special focus on personal finance. She clos... more
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