Sri Lotus Developers & Realty IPO subscribed 10.34 times on Day 2
The Initial Public Offering of Sri Lotus Developers & Realty Limited was subscribed 10.34 times on the second day of bidding.
The issue received bids of 41,02,19,200 shares against the offered 3,96,58,730 equity shares, at a price band of ₹140-150, according to the data available on the stock exchanges.
Qualified Institutional Buyer Portion and Non-Institutional Investors Portion were subscribed 8.69 times and 15.96 times respectively, whereas Retail Portion was subscribed 8.90 times. Employee Portion was subscribed 7.83 times. The issue kicked off for subscription on Wednesday, July 30, 2025, and will close on Friday, August 01, 2025.
A day before the opening of the issue, Sri Lotus Developers & Realty Ltd raised Rs 237 crores from anchor investors. Some of the marquee Institutions that participated in the anchor includes Tata Mutual Fund, Mahindra Manulife Mutual Fund, Nippon Mutual Fund, Samsung India Mid & Small Focus Securities Master Investment Trust, Nuvama Asset Management Limited, HSBC Mutual Fund, SBI Mutual Fund, Citigroup Global Markets Mauritius Private Limited, Nomura Singapore Limited, and Future Generali India Life Insurance Co. Ltd.
Leading brokerage firms like Anand Rathi, Angel One, DRChoksey, Reliance Securities, SBICAP Securities, BP Wealth, Canmoney Securities, Marwadi Financial Services, and Swastika Investmart have given a “Subscribe” rating to the issue, citing company’s strong strategic presence in Mumbai’s ultra-luxury and luxury residential real estate market, consistent financial performance, and customer-centric approach. Sri Lotus Developers & Realty Ltd. reported a ~91% YoY jump in PAT and robust return ratios in FY25 (ROE: ~24.4%, ROCE: ~27.2%) alongside healthy EBITDA margins of ~52.6% and a conservative debt profile (D/E: 0.13x). Its asset-light model, timely execution track record, and integrated capabilities add to its appeal. While the IPO is seen as fully priced (P/E: ~30.6x–32.2x), brokerages find the valuation reasonable given its growth outlook, disciplined financial strategy, and exposure to high-entry-barrier redevelopment projects. Hence, they recommend a “Subscribe for long-term” rating.
Monarch Networth Capital Limited, and Motilal Oswal Investment Advisors Limited are the book-running lead managers, and KFin Technologies Limited is the registrar of the issue.
Company Information
Sri Lotus Developers and Realty is a developer of residential and commercial premises in Mumbai, Maharashtra, with a focus in Redevelopment Projects in the Ultra Luxury Segment and Luxury Segment in the western suburbs under the “Lotus Developers” brand.
The company's projects can be bifurcated into the following three (3) categories, Greenfield Projects, Redevelopment Projects, Joint Development Projects.
As of June 30, 2025, the company has completed developable area of 0.93 million square feet consisting of both residential and commercial properties.
The table below shows subscription data for all the categories of investors:
SRI LOTUS DEVELOPERS AND REALTY LIMITED Last updated on 31 Jul 2025 | 05:00:00 PM | ||||
Sr.No. | Category | No.of shares offered / reserved | No. of shares bid for | No. of times of total meant for the category |
1 | Qualified Institutional Buyers (QIBs) | 1,12,85,714 | 9,80,98,700 | 8.69 |
1(a) | Foreign Institutional Investors (FIIs) | - | 6,07,11,800 | - |
1(b) | Domestic Financial Institutions(Banks/ Financial Institutions(FIs)/ Insurance Companies) | - | 27,700 | - |
1(c) | Mutual Funds | - | 3,43,36,100 | - |
1(D) | Others | - | 30,23,100 | - |
2 | Non Institutional Investors(NIIS) | 84,64,286 | 13,50,83,600 | 15.96 |
2.1 | Non Institutional Investors(Bid amount of more than Ten Lakh Rupees) | 56,42,858 | 7,42,93,500 | 13.17 |
2.1(a) | Corporates | - | 76,36,700 | - |
2.1(b) | Individuals (Other than RIIs) | - | 6,39,94,400 | - |
2.1(c) | Others | - | 26,62,400 | - |
2.2 | Non Institutional Investors(Bid amount of more than Two Lakh Rupees and upto 10 lakh rupees) | 28,21,428 | 6,07,90,100 | 21.55 |
2.2(a) | Corporates | - | 3,00,500 | - |
2.2(b) | Individuals (Other than RIIs) | - | 5,79,88,700 | - |
2.2(c) | Others | - | 25,00,900 | - |
3 | Retail Individual Investors (RIIs) | 1,97,50,000 | 17,57,93,800 | 8.90 |
3(a) | Cut Off | - | 14,43,98,200 | - |
3(b) | Price Bids | - | 3,13,95,600 | - |
4 | Employee Reserved | 1,58,730 | 12,43,100 | 7.83 |
4(a) | Employee (Cut off) | - | 9,48,400 | - |
4(b) | Employee (Price) | - | 2,94,700 | - |
5 | Reservation PortionShareholder | - | - | - |
5(a) | RPS (Cut off) | - | - | - |
5(b) | RPS (Price) | - | - | - |
Total | 3,96,58,730 | 41,02,19,200 | 10.34 | |
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