Sri Lotus Developers and Realty Ltd.’s initial offer has been subscribed 11.67 times on the third day. Friday is the final day to bid for the company’s shares.
The 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.
Sri Lotus Developers and Realty Ltd.’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 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.
Sri Lotus Developers IPO Details
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Issue opens: July 30.
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Issue closes: Aug 1.
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Issue price: Rs 140-150.
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Total offer size: Rs 792 crore.
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Fresh issue: 5.28 crore shares aggregating to Rs 792 crore.
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Lot size: Minimum 100 shares.
Sri Lotus Developers IPO Subscription Day Two
The Sri Lotus IPO has been subscribed 11.67 times as of 10:21 a.m. on Friday.
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Qualified Institutions: 8.71 times
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Non-Institutional Buyers: 19.95 times.
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Retail Investors: 9.85 times
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Portion reserved for employees: 8.46 times.
Sri Lotus Developers GMP
The grey market premium for Sri Lotus Developers and Realty Ltd. was Rs 42 apiece as of 9:34 a.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.
. Read more on IPOs by NDTV Profit.