Shah Rukh Family Trust-backed Sri Lotus Developers gets SEBI nod for ₹792 crore IPO
Shah Rukh Khan-backed Sri Lotus Developers and Realty Limited, has received approval from the Securities and Exchange Board of India (SEBI) for a ₹792 crore initial public offering (IPO).
Sri Lotus Developers and Realty is a real estate firm backed by SRK’s family trust, Amitabh Bachchan, Hrithik Roshan, and ace investor Ashish Kacholia, according to the draft red herring prospectus (DRHP).
The Mumbai-based developer is involved in redevelopment projects in the ultra-luxury and luxury segment in the western suburbs of Mumbai and had filed papers with SEBI in December 2024.
The public issue is an entirely fresh issue of shares, with a face value of ₹1 per share worth ₹792 crore. There is no offer for sale (OFS) component.
The company plans to use ₹550 crore from the net issue proceeds for investment in subsidiaries for part-funding development and construction costs of ongoing projects, and the remaining funds will be used for general corporate purposes, the DRHP showed.
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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. The equity shares are proposed to be listed on the National Stock Exchange of India Limited and BSE Limited, the company said in a statement.
The company focuses on developing ultra-luxury and luxury residential properties, including 2BHK and 3BHK apartments in the ₹3 crore to ₹7 crore range and penthouses priced above ₹7 crore.
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As of November 30, 2024, the company has three completed projects, six ongoing projects, and seven upcoming projects.
In December 2024, Sri Lotus Developers had raised approximately ₹400 crore through a private placement of 26.61 million shares at ₹150 per share. Among the investors, Bollywood star Amitabh Bachchan purchased around 6.7 lakh shares for ₹10 crore, while the Shah Rukh Khan Family Trust acquired about 6.75 lakh shares for ₹10.1 crore.
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Other notable investors include Hrithik Roshan, who bought 70,000 shares for slightly over ₹1 crore.
