Sri Lotus Developers IPO Subscribed 69 Times On Final Day
The subscription was led by non-institutional buyers, followed by qualified institutions.
Sri Lotus Developers and Realty Ltd.'s initial offer has been subscribed 69 times on the third and final day on Friday.
The Rs 792-crore initial public offering was subscribed over 10 times as of the end of the second day of the issue. The price band was set at Rs 140-150 per share for the three-day IPO, which only comprised fresh issue with no offer for sale. The minimum application lot size was 100 shares.
Sri Lotus Developers and Realty's 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.
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 Three
The Sri Lotus IPO has been subscribed 69 times as of 7 p.m. on Friday.
Qualified Institutions: 33.18 times
Non-Institutional Buyers: 57.71 times.
Retail Investors: 20.28 times
Portion reserved for employees: 19.84 times.
Sri Lotus Developers GMP
The grey market premium for Sri Lotus Developers and Realty Ltd. was Rs 42 apiece as of 7:31 p.m. on Aug 1, according to information on Investor Gain website. 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.
