In spite of weak markets and five big simultaneous Initial Public Offerings (IPOs), the IPO of film producer-distributor Anand Pandit’s real estate company, Sri Lotus Developers, was subscribed 74 times in three days of bidding — from July 30 to August 1. The IPO generated demand of Rs. 58,000 crore. The size of the IPO issue was Rs. 792 crore.
Bidding for the initial public offering (IPO) of Sri Lotus Developers Ltd. ended on August 1. The public issue received a strong response from the Indian primary market investors as it had been subscribed around 74 times. The extraordinary demand from institutional investors sets the Sri Lotus Developers IPO apart. The Qualified Institutional Buyers (QIB) category alone saw an oversubscription of 175 times, the highest ever in the sector. This reflected strong institutional confidence in the company’s business fundamentals, project pipeline, and market positioning. The public issue was subscribed 21.76 times in the retail category, and 61.82 times in the NII category. A total of 37 lakh retail applications were received!
Sri Lotus Developers’ competitor, Kalpataru Projects, listed on the BSE and NSE on 1st July, 2025, was subscribed around 2.30 times while its QIB portion was subscribed slightly over 3 times. Another competitor, Keystone Realtors, listed on the BSE and the NSE on 24th November, 2022, had been subscribed around two times, and its QIB portion had been booked close to four times. Macrotech Developers (Lodha), IPO listed on the BSE and NSE in April 2021, had been subscribed around 1.36 times whereas its QIB portion had been filled slightly over 3 times.
Promoters hold a 91.78% stake in Lotus Developers, and 150 public shareholders, including Bollywood stars, hold the remaining 8.22% equity stake. On 16th September last year, the company had raised Rs. 139.4 crore via private placement with allotment to investors. Further, on 14th December last year, it raised Rs. 399.2 crore via another private placement to investors. Well-known names in the film industry, such as Shah Rukh Family Trust, Amitabh Bachchan, Ekta Kapoor, Tusshar Kapoor, Jeetendra, Tiger Shroff, Rajkumar Rao, Rakesh Roshan, Hrithik Roshan, Sajid Nadiadwala, and Manoj Bajpayee, picked 19.28 lakh shares in Lotus Developers for Rs. 28.92 crore.
