The preliminary public providing (IPO) of Sri Lotus Builders has seen sturdy demand from each retail and certified institutional patrons on its first day of bidding. The IPO, which opened at the moment and is ready to shut on Friday, August 01, was oversubscribed. The problem acquired bids for 14.27 crore shares towards the entire supply of three.70 crore shares, leading to an total subscription of three.86 instances by the tip of Day 1, in keeping with trade knowledge.
Certified institutional patrons confirmed robust curiosity, with their portion subscribed to five.68 instances, whereas retail traders additionally confirmed better enthusiasm, with their portion booked 3.05 instances. The NII portion was booked at 3.32 instances.
Sri Lotus Builders goals to boost ₹792 crore by means of the IPO, which is solely a recent challenge of 5.28 crore shares. The worth band for the supply is ready between ₹140 and ₹150 per fairness share, with a face worth of ₹1 every. The IPO lot dimension is fastened at 100 shares, requiring a minimal funding of ₹15,000 for retail traders.
The allotment for the IPO is anticipated to be finalized on Monday, August 04, 2024. The shares are scheduled to checklist on each the NSE and BSE, with a tentative itemizing date of Wednesday, August 06. Motilal Oswal Funding Advisors Restricted is the book-running lead supervisor of the Sri Lotus Builders IPO, whereas Kfin Applied sciences Restricted is the registrar for the difficulty.
The corporate options a formidable checklist of pre-IPO traders, together with cinema icons Shah Rukh Khan and Amitabh Bachchan and notable investor Ashish Kacholia. The problem includes a recent challenge solely, aiming to boost ₹792 crore.
GMP indicators over 30% premium
As of at the moment, the ₹46 per share”>gray market premium (GMP) for Sri Lotus Builders IPO stands at ₹46 per share. This implies that the shares are anticipated to checklist at ₹150 above their challenge value. With this GMP and the IPO’s higher value band, the estimated itemizing value of the shares could be ₹196, reflecting a 30.66% premium over the difficulty value.
The gray market premium represents the anticipated distinction between an IPO’s challenge value and its anticipated itemizing value within the unofficial market. Nevertheless, it’s essential to keep in mind that GMP is a preliminary indicator and shouldn’t be the only think about making funding choices.
About Sri Lotus Builders
The corporate is a developer of residential and industrial premises in Mumbai, Maharashtra, with a give attention to redevelopment tasks within the ultra-luxury phase and luxurious phase within the western suburbs. Since its institution, it has geared toward constructing a model centered round buyer satisfaction by creating environments that improve our prospects’ life.
The corporate operations are strategically situated in Mumbai, one of many largest actual property markets in India. The corporate acquired land for its operations within the western suburbs of Mumbai in 2017, specializing in the ultra-luxury and luxurious residential properties market.
On the monetary entrance, the corporate reported a income of ₹549.68 crore, up from ₹461.58 crore within the earlier 12 months. Internet revenue surged to ₹227.89 crore, in comparison with ₹119.81 crore a 12 months earlier. As of FY25, complete debt stood at ₹122.13 crore.
Disclaimer: The views and suggestions given on this article are these of particular person analysts. These don’t characterize the views of Mint. We advise traders to test with licensed specialists earlier than taking any funding choices.
