Sri Lotus Developers IPO 2025: Betting Big on Mumbai’s Redevelopment Wave
Sri Lotus Developers and Realty Ltd, led by Anand Pandit, is entering the capital market with its IPO to fund ongoing and upcoming redevelopment projects in Mumbai’s booming western suburbs. The company, known for its residential and commercial ventures, plans to use the proceeds for expansion through its subsidiaries.
Sri Lotus Developers And Realty Ltd
Sri Lotus Developers and Realty Ltd is a Mumbai based real estate development company that has been in the business since the year 2015. It develops residential and commercial properties in the Mumbai region. It focuses on redevelopment projects in the fast-growing Western suburbs of Mumbai. Sri Lotus Developers and Realty Ltd has completed 4 projects, has 5 ongoing projects and there are a total of 11 upcoming projects.
The IPO funds raised will be invested in its subsidiaries; Richfeel Real Estate, Dhyan Projects, and Tryksha Real Estate for funding the acquisition, development, and construction costs of ongoing projects. The promoters of Sri Lotus Developers and Realty Ltd are Anand Pandit, Roopa Pandit, and Ashka Pandit. The IPO will be lead managed by Motilal Oswal and Monarch Networth Capital; while KFIN Technologies Ltd will be the IPO registrar. The company is headquartered in Mumbai.
Highlights of the IPO Issue
Here are the key highlights of the public issue of Sri Lotus Developers and Realty Ltd.
- The IPO will be open from July 30th, 2025 to August 01st, 2025. It has a face value of ₹1 per share and the IPO price band is set in the range of ₹140 to ₹150 per share.
- The IPO of Sri Lotus Developers and Realty Ltd will be entirely a fresh issue of shares with no offer for sale (OFS) component.
- The fresh portion of the IPO comprises the issue of 5,54,58,729 shares (554.59 lakh shares), which at the upper price band of ₹150 per share translates into ₹831.88 crore.
- Since there is no OFS, the overall IPO will also comprise of 5,54,58,729 shares (554.59 lakh shares) worth ₹831.88 crore at the upper band price of ₹150 per share.
The IPO of Sri Lotus Developers and Realty Ltd will be listed on the NSE and the BSE on the IPO mainboard.
Key Dates, Investor Allocation, And Lot Sizes
Here are the key dates pertaining to the IPO of Sri Lotus Developers and Realty Ltd
| Event | Tentative Date |
|---|---|
| IPO Open Date | 30th July 2025 |
| IPO Close Date | 01st August 2025 |
| Basis of Allotment | 04th August 2025 |
| Initiation of Refunds to non-allottees | 05th August 2025 |
| Credit of Shares to Demat | 05th August 2025 |
| Listing Date on NSE and BSE | 06th August 2025 |
Data Source: Company RHP
Investors can apply either through their existing trading account or the ASBA application can be directly logged through the internet banking account. This can only be done through the authorized list of self-certified syndicate banks (SCSB).
The table below captures the gist of the allocation to various categories.
| Category of Investors | Allocation of shares | % Share |
|---|---|---|
| Reservation for Employees | 1,58,730 shares | 0.29% of total IPO size |
| Shareholder Reservation | Not Applicable | Not Applicable |
| Anchor Allocation | 1,57,99,999 shares | 28.49% of total IPO size |
| QIB Shares Offered | 1,12,85,714 shares | 20.35% of total IPO size |
| NII (HNI) Shares Offered | 84,64,286 shares | 15.26% of total IPO size |
| Retail Shares Offered | 1,97,50,000 shares | 35.61% of total IPO size |
| Total Shares Offered | 5,54,58,729 shares | 100.00% of Total IPO size |
Data Source: Security Parameters Filing (NSE)
The anchor portion, is carved out of the QIB portion and the QIB portion available in the IPO offer has been reduced proportionately. The above shares are final and may differ, at times, marginally from the original announcement. Here is a quick look at the lot sizes applicable for the IPO of Sri Lotus Developers and Realty Ltd for various categories of investors.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 100 | ₹ 15,000 |
| Retail (Max) | 13 | 1,300 | ₹ 1,95,000 |
| S-HNI (Min) | 14 | 1,400 | ₹ 2,10,000 |
| S-HNI (Max) | 66 | 6,600 | ₹ 9,90,000 |
| B-HNI (Min) | 67 | 6,700 | ₹ 10,05,000 |
It may be noted here that for the B-HNI category and for the QIB (qualified institutional buyer) category, there are no upper limits applicable. (1 Lot = 100 shares)
Financial Highlights
The table captures the key financials of Sri Lotus Developers and Realty Ltd for last 3 financial years.
| Particulars | FY25 | FY24 | FY23 |
|---|---|---|---|
| Net Revenues (₹ in crore) | 549.68 | 461.58 | 166.87 |
| Sales Growth (%) | 19.09% | 176.61% | |
| Profit after Tax (₹ in crore) | 227.41 | 119.84 | 16.64 |
| PAT Margins (%) | 41.37% | 25.96% | 9.97% |
| Total Equity (₹ in crore) | 933.83 | 170.47 | 47.64 |
| Total Assets (₹ in crore) | 1,218.60 | 736.81 | 486.23 |
| Return on Equity (%) | 24.35% | 70.30% | 34.93% |
| Return on Assets (%) | 18.66% | 16.27% | 3.42% |
| Asset Turnover Ratio (X) | 0.45 | 0.63 | 0.34 |
| Earnings per share (₹) | 5.51 | 3.00 | 0.42 |
Data Source: Company RHP filed with SEBI (FY refers to Apr-Mar period)
The company has seen steady growth in top line and the net profits have also grown rapidly in the last two years. This is evident from the PAT margins surging from 9.97% to 41.37% in the last 2 years. The company has reported ROE of around 24-70% range in the last 3 years, which is quite erratic, but even at the lower end it is fairly attractive. The only concern is the low asset turnover ratio, but that is more due to the nature of realty business, where costs are upfront and development revenues take time to chip in.
Valuation Metrics
If one considers the latest year EPS of ₹5.51 per share, the P/E ratio works out to 27.22X on the IPO price of ₹150 per share. However, real estate is a long gestation business where revenue recognition does take time. Once that balance is achieved, it would make valuations look more palatable. However, Mumbai is a very competitive market with some of the biggest and well-capitalized developers vying for a share of the market.
Sri Lotus Developers and Realty Ltd also has some intangibles favouring them. The company is gradually shifting into an asset light model, where the burden of a huge asset base will not be felt. That is likely to make asset turnover ratios look more attractive for the company. Western suburbs of Mumbai is one of the fastest growing markets and the company has shown execution abilities. However, IPO investors must keep the competition factor in mind while investing in this IPO. That may pose a risk to margins.
A Brief on the Anchor Allocation
The anchor issue of Sri Lotus Developers and Realty Ltd saw a relatively healthy response on 29th July 2025 with 28.49% of the IPO size absorbed by anchors. Out of 5,54,58,729 shares (554.59 lakh shares) on offer, anchors picked up 1,57,99,999 shares (158.00 lakh shares) accounting for 28.49% of the total IPO size. The entire anchor allocation was made at the upper end of the price band of ₹150 per share. This includes the face value of ₹1 per share plus a share premium of ₹149 per share. The anchor bidding opened and closed on 29th July 2025.
Key Points to Note in the Anchor Allocation Process
Here are the key details pertaining to the anchor bidding of Sri Lotus Developers and Realty Ltd
| Bid Date | July 29, 2025 |
|---|---|
| Shares Offered | 1,57,99,999 shares |
| Anchor Portion Size (₹ in crore) | ₹237.00 crore |
| Anchor lock-in period end date for 50% shares (30 Days) | August 31, 2025 |
| Anchor lock-in period end date for remaining shares (90 Days) | October 30, 2025 |
An anchor investor in an IPO is a qualified institutional buyer (QIB) like a foreign portfolio investor or mutual fund or insurance company or a sovereign fund which invests before the IPO is made available to the public as per SEBI regulations. It helps in price discovery.
Anchor Allocation Investors
On 29th July 2025, Sri Lotus Developers and Realty Ltd allotted 1,57,99,999 shares to 16 anchor investors. The allocation was done at the upper IPO price band of ₹150 per share which resulted in overall anchor allocation of ₹237.00 crore. The anchors have already absorbed 28.49% of the total issue size of ₹831.88 crore. Listed below are top-10 anchor investors in the IPO who accounted for anchor collection of ₹198.01 crore or 83.55% of total anchor allocation.
| Anchor Investors | No. of Shares | % of Anchor Portion | Value Allocated | |
|---|---|---|---|---|
| 01 | Societe Generale – ODI | 30,00,200 | 18.99% | ₹ 45.00 |
| 02 | Tata Small Cap Fund | 23,33,400 | 14.77% | ₹ 35.00 |
| 03 | Mahindra Manulife Multi-Cap Fund | 13,80,700 | 8.74% | ₹ 20.71 |
| 04 | Nippon India Equity AIF | 13,33,400 | 8.44% | ₹ 20.00 |
| 05 | Samsung India Master Trust | 10,00,000 | 6.33% | ₹ 15.00 |
| 06 | Mahindra Manulife Mid-Cap Fund | 9,52,700 | 6.03% | ₹ 14.29 |
| 07 | Nuvama Enhanced Dynamic Growth | 9,33,400 | 5.91% | ₹ 14.00 |
| 08 | LG Pharos Multi-Strategy Fund | 9,33,400 | 5.91% | ₹ 14.00 |
| 09 | HSBC Balanced Advantage Fund | 6,66,700 | 4.22% | ₹ 10.00 |
| 10 | SBI General Insurance Company | 6,66,700 | 4.22% | ₹ 10.00 |
| Grand Total | 1,32,00,600 | 83.55% | ₹ 198.01 |
Data Source: BSE Filings (Value Allocated in ₹ in Crore)
The detailed and comprehensive report on the anchor allocation with the mutual fund portion separated can be accessed on BSE by clicking on the link below.
Out of the 1,57,99,999 shares allocated to the anchors in the IPO, a total of 53,33,500 shares were allocated to domestic mutual funds registered with SEBI. This allocation was spread across 4 mutual fund schemes belonging to 3 asset management company (AMCs). The mutual fund allocation in the anchor portion amounted to 33.76% of total anchor size.
Next Steps in the IPO
Post the closure of the IPO subscription on 01st August 2025, the basis of allotment will be finalized on 04th August 2025 and the refunds will be initiated on 05th August 2025. In addition, the demat credits are expected to also happen on 05th August 2025 and the stock will list on 06th August 2025 on the NSE and the BSE. Credits to demat account to the extent of shares allotted will happen by close of 05th August 2025 under ISIN (INE0V9Q01010).
IPO Subscription Status on Day-1
As of 6.45 pm on 30th July 2025, out of the 396.59 lakh shares on offer in the IPO (excluding anchor portion), Sri Lotus Developers and Realty Ltd saw bids for 1,426.50 lakh shares. This implies an overall subscription of 3.60X at a macro level. The granular break-up of subscriptions as of the close of Day-1 of the IPO of Sri Lotus Developers and Realty Ltd was as under:
The subscriptions were led by the QIB investors followed by the HNI / NII investors and the Retail investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that would be the case in this issue also. Both the QIB and the NII bids pick momentum on the last day since that is when the bulk HNI funding bids, corporate bids and the bulk QIB bids come in. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion.
| Investor Category | Subscription (times) | Shares Offered | Shares bid for | Total Amount (₹ in Crore) |
|---|---|---|---|---|
| Anchor Investors | 1.00 | 1,57,99,999 | 1,57,99,999 | 237.00 |
| Employee Quota | 3.01 | 1,58,730 | 4,77,600 | 7.16 |
| QIB Investors | 5.31 | 1,12,85,714 | 5,98,75,300 | 898.13 |
| HNIs / NIIs | 3.10 | 84,64,286 | 2,62,69,100 | 394.04 |
| Retail Investors | 2.84 | 1,97,50,000 | 5,60,28,000 | 840.42 |
| Total | 3.60 | 3,96,58,730 | 14,26,50,000 | 2,139.75 |
Data Source: NSE / BSE (as of close of Day-1 of the IPO)
The IPO is open up to August 01, 2024, at which point we will know the final subscription status of the IPO.
Next Steps in the IPO
Post the closure of the IPO subscription on 01st August 2025, the basis of allotment will be finalized on 04th August 2025 and the refunds will be initiated on 05th August 2025. In addition, the demat credits are expected to also happen on 05th August 2025 and the stock will list on 06th August 2025 on the NSE and the BSE. Credits to demat account to the extent of shares allotted will happen by close of 05th August 2025 under ISIN (INE0V9Q01010).
IPO Subscription Status On Day-2
As of 5.30 pm on 31st July 2025, out of the 396.59 lakh shares on offer in the IPO (excluding anchor portion), Sri Lotus Developers and Realty Ltd saw bids for 4,102.19 lakh shares. This implies an overall subscription of 10.34X at a macro level. The granular break-up of subscriptions as of the close of Day-2 of the IPO of Sri Lotus Developers and Realty Ltd was as under:
The subscriptions were led by the HNI / NII investors followed by the Retail investors and the QIB investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that would be the case in this issue also. Both the QIB and the NII bids pick momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion.
| Investor Category | Subscription (times) | Shares Offered | Shares bid for | Total Amount (₹ in Crore) |
|---|---|---|---|---|
| Anchor Investors | 1.00 | 1,57,99,999 | 1,57,99,999 | 237.00 |
| Employee Quota | 7.83 | 1,58,730 | 12,43,100 | 18.65 |
| QIB Investors | 8.69 | 1,12,85,714 | 9,80,98,700 | 1,471.48 |
| HNIs / NIIs | 15.96 | 84,64,286 | 13,50,83,600 | 2,026.25 |
| Retail Investors | 8.90 | 1,97,50,000 | 17,57,93,800 | 2,636.91 |
| Total | 10.34 | 3,96,58,730 | 41,02,19,200 | 6,153.29 |
Data Source: NSE / BSE (as of close of Day-2 of the IPO)
The IPO is open up to August 01, 2024, at which point we will know the final subscription status of the IPO.
Next Steps in the IPO
Post the closure of the IPO subscription on 01st August 2025, the basis of allotment will be finalized on 04th August 2025 and the refunds will be initiated on 05th August 2025. In addition, the demat credits are expected to also happen on 05th August 2025 and the stock will list on 06th August 2025 on the NSE and the BSE. Credits to demat account to the extent of shares allotted will happen by close of 05th August 2025 under ISIN (INE0V9Q01010).
IPO Subscription Status On Day-3
As of 7.12 pm on 01st August 2025, out of the 396.59 lakh shares on offer in the IPO (excluding anchor portion), Sri Lotus Developers and Realty Ltd saw bids for 27,418.69 lakh shares. This implies an overall subscription of 69.14X at a macro level. The granular break-up of subscriptions as of the close of Day-3 of the IPO of Sri Lotus Developers and Realty Ltd was as under:
The subscriptions were led by the QIB investors followed by the HNI / NII investors and the Retail investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that was the case in this issue also. Both the QIB and the NII bids pick momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion.
| Investor Category | Subscription (times) | Shares Offered | Shares bid for | Total Amount (₹ in Crore) |
|---|---|---|---|---|
| Anchor Investors | 1.00 | 1,57,99,999 | 1,57,99,999 | 237.00 |
| Employee Quota | 19.84 | 1,58,730 | 31,48,800 | 47.23 |
| QIB Investors | 163.90 | 1,12,85,714 | 1,84,97,37,200 | 27,746.06 |
| HNIs / NIIs | 57.71 | 84,64,286 | 48,84,88,300 | 7,327.32 |
| Retail Investors | 20.28 | 1,97,50,000 | 40,04,95,100 | 6,007.43 |
| Total | 69.14 | 3,96,58,730 | 2,74,18,69,400 | 41,128.04 |
Data Source: NSE / BSE (as of close of Day-3 of the IPO)
The IPO has closed for subscription as of the end of markets on August 01, 2024. The above table reflects the final subscription details of the IPO of Sri Lotus Developers and Realty Ltd.
Next Steps in the IPO
Post the closure of the IPO subscription on 01st August 2025, the basis of allotment will be finalized on 04th August 2025 and the refunds will be initiated on 05th August 2025. In addition, the demat credits are expected to also happen on 05th August 2025 and the stock will list on 06th August 2025 on the NSE and the BSE. Credits to demat account to the extent of shares allotted will happen by close of 05th August 2025 under ISIN (INE0V9Q01010).
Checking Allotment Status of IPO on BSE Website
This is a common link for all mainboard IPOs. Click on BSE link for IPO allotment as below.
https://www.bseindia.com/investors/appli_check.aspx
Once you reach the page, here are the steps to follow.
- Under Issue Type – Select Equity Option
- Under Issue Name – Select Sri Lotus Developers and Realty from the drop down box
- Enter the Application Number / CAF exactly as in the acknowledgement slip .OR.
- Enter your PAN (10-digit alphanumeric) number
- Once this is done, you need to click on the Captcha to verify you are not a robot
- Finally click on the Search Button
You can use either of the parameters to query; Application / CAF number or Investor PAN.
The allotment status will be displayed on the screen in front of you informing about the number of shares of Sri Lotus Developers and Realty allotted. You can save a screenshot of the allotment status output for tallying with the demat account credits.
Checking Allotment Status of IPO on BSE Website
This is a common link for all IPOs. Click on NSE link for IPO allotment as below.
https://www.nseindia.com/invest/check-trades-bids-verify-ipo-bids
Once you reach the page, here are the steps to follow.
- Under Issue Type – Select Equity & SME IPO Details Option
- Under SELECT SYMBOL – Select LOTUSDEV from the drop down box
- Enter the Application Number / CAF exactly as in the acknowledgement slip .AND.
- Enter your PAN (10-digit alphanumeric) number
- Once both are entered, click on the Submit Button
You must input the Application / CAF number and the Investor PAN (both are required).
The allotment status will be displayed on the screen in front of you informing about the number of shares of Sri Lotus Developers and Realty allotted against your application. You can save a screenshot of the allotment status output for tallying with the demat account credits.
Checking Allotment Status of IPO on Kfin Technologies Ltd
Visit the website of KFIN Technologies Ltd, which has been appointed as the registrar for the issue. You can access their website for IPO status by clicking on the link below:
https://kosmic.kfintech.com/ipostatus/
KFIN Technologies Ltd provides details of IPOs managed by them and where allotment status is finalized. Radio buttons allow you to opt to see all IPOs or just recent IPOs. The latter option reduces the list of IPOs to search. Once you click on Recent IPOs, dropdown shows recent active IPOs, where allotment status is finalized. Select Sri Lotus Developers and Realty.
THERE ARE 3 WAYS TO QUERY ALLOTMENT STATUS ON KFIN TECHNOLOGIES LTD
To Query by Application Number, check the appropriate box and follow these steps.
- Enter the Application Number as it is
- Enter the 6-digit Captcha Code
- Click on Submit button
- Allotment Status gets displayed on screen
Unlike in the past, now you do not have to select ASBA versus Non-ASBA option.
To Query by Demat Account, check the appropriate box and follow these steps.
- First select the depository (NSDL / CDSL)
- Enter the DP-ID (Alphanumeric for NSDL and Numeric for CDSL)
- Enter the Client-ID in the second box
- For NSDL, the Demat account is 2 strings; for CDSL it is just 1 string
- Enter the 6-digit Captcha Code
- Click on Submit button
- Allotment Status gets displayed on screen
To Query by PAN, check the appropriate box and follow these steps.
- Enter the 10-Character PAN number, available on your PAN card
- After you enter the PAN number, Enter the 6-digit numeric Captcha Code
- Click on Submit button
- Allotment status gets displayed on screen
If captcha code is not clear; toggle for more options. Retain a screenshot of the allotment status output for future reference. This can be tallied with demat credit post allotment.
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