Sri Lotus Developers IPO Oversubscribed 11.10x by 5 PM on Day 2; NII Bids Surge 17.10x, Retail Nearly 9.58x

Mumbai, July 31, 2025 —  The ₹792 crore IPO of Sri Lotus Developers and Realty Ltd saw robust demand on Day 2, with total bids reaching 41.10 crore shares against 3.70 crore shares offered. The IPO was subscribed 11.10x with total bids of 41,10,04,200 shares against 3,70,13,726 shares offered, aggregating ₹6,165.06 crore, with NIIs and retail investors leading the surge.

Heavy bidding came from non-institutional investors, who subscribed 17.10 times, while the retail segment stood at 9.58 times. QIBs followed at 9.31 times. Strong anchor backing and interest from affluent individuals in the ₹2–₹10 lakh bracket further indicate broad-based investor participation ahead of the August 1 close.

Category-Wise Subscription Update

• Anchor Investors: Subscribed 1.00x with 1,57,99,999 shares bid for the same number of shares offered; total amount raised stood at ₹237 crore.
• Qualified Institutional Buyers (QIBs): Subscribed 9.31x with 9,80,98,700 bids against 1,05,33,334 shares; total bids worth ₹1,471.48 crore.
• Non-Institutional Investors (NIIs):Subscribed 17.10x with 13,50,96,800 bids for 79,00,000 shares; application value at ₹2,026.45 crore.
  • Bids above ₹10 lakh (bNII): Subscribed 14.11x with 7,42,93,500 bids for 52,66,667 shares worth ₹1,114.40 crore.
  • Bids ₹2–₹10 lakh (sNII): Subscribed 23.09x with 6,08,03,300 bids for 26,33,333 shares worth ₹912.05 crore.
• Retail Investors: Subscribed 9.58x with 17,65,65,000 bids for 1,84,33,333 shares; total value ₹2,648.48 crore.
• Employees: Subscribed 8.46x with 12,43,700 bids for 1,47,059 reserved shares; ₹18.66 crore in bid value.

IPO Snapshot

The IPO of Sri Lotus Developers and Realty Ltd comprises a fresh issue worth ₹792 crore, with a price band set between ₹140 and ₹150 per share. The bidding window runs from July 30 to August 1, 2025, and listing is scheduled for August 6. The minimum lot size is 100 shares. Ahead of the public issue, the company raised ₹237 crore from anchor investors on July 29, signalling institutional interest and helping establish price discovery.

Anchor Backing

The IPO has already secured ₹236.99 crore from 16 marquee anchor investors, including Societe Generale ODI, Tata Mutual Fund, Mahindra Manulife, Nippon India AIF, and Samsung India Small & Mid Cap Focus Fund.

Outlook

Strong demand from non-institutional and retail investors, combined with full QIB participation, drove oversubscription. The market views this as a signal of robust investor confidence. With sustained interest across segments, the IPO is positioned for a high-demand close and competitive allotment.

Company Background

Sri Lotus Developers and Realty Limited is a Mumbai-based real estate developer focused on ultra-luxury and luxury residential and commercial projects in the city’s western suburbs. It operates on an asset-light model, relying on redevelopment and joint development agreements. The company commands premium pricing and maintains strong EBITDA margins compared to peers.

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