Sri Lotus Developers Limited is gearing up to make its debut on the Indian stock exchanges with a ₹792 crore initial public offering (IPO), set to open for bidding from 30th July 2025 to 1st August 2025. The company is entering the market with a fresh issue of 5.28 crore equity shares, and the listing is expected on 6th August 2025 on both the BSE and NSE.
The IPO has generated considerable interest among investors due to the company’s impressive financial performance in recent years, strong positioning in Mumbai’s luxury real estate market, and healthy Grey Market Premium (GMP) trends.
This article explores every detail about the Sri Lotus Developers IPO, including price band, lot size, financials, GMP review, company background, peer comparison, and investment rationale.
IPO Summary: Key Information at a Glance
| Parameter | Details |
|---|---|
| IPO Open Date | 30th July 2025 |
| IPO Close Date | 1st August 2025 |
| Issue Type | Bookbuilding IPO |
| Fresh Issue | 5.28 crore shares |
| Total Issue Size | ₹792.00 crore |
| Face Value | ₹1 per share |
| Price Band | ₹140 to ₹150 per share |
| Market Lot | 100 shares |
| Minimum Investment | ₹15,000 (for 1 lot) |
| Listing Exchanges | BSE & NSE |
| Tentative Listing Date | 6th August 2025 |
| Registrar | Kfin Technologies Limited |
The IPO consists entirely of a fresh issue, meaning the proceeds will be used directly by the company for its business and growth.
Share Reservation by Category
In accordance with SEBI regulations, the issue has been reserved as follows:
| Investor Category | Shares Offered |
|---|---|
| Qualified Institutional Buyers (QIBs) | Not more than 50% of the Net Issue |
| Non-Institutional Investors (NIIs or HNIs) | Not less than 15% |
| Retail Individual Investors (RIIs) | Not less than 35% |
This balanced reservation structure provides a fair opportunity for all classes of investors to participate.
Grey Market Premium (GMP) Trends
The Grey Market Premium (GMP) is a critical indicator of market sentiment ahead of listing. It reflects the expected premium at which the stock may list over its issue price.
| GMP Date | IPO Price | GMP | Estimated Listing Price | Estimated Listing Gains |
|---|---|---|---|---|
| 28-07-2025 | ₹150 | ₹32 | ₹182 | 21.33% |
| 27-07-2025 | ₹150 | ₹32 | ₹182 | 21.33% |
| 26-07-2025 | ₹150 | ₹32 | ₹182 | 21.33% |
| 25-07-2025 | ₹150 | ₹32 | ₹182 | 21.33% |
| 24-07-2025 | ₹150 | ₹34 | ₹184 | 22.67% |
As of 28th July 2025, the GMP stands at ₹32, suggesting a likely listing price of around ₹182 per share, representing a potential 21.33% premium over the upper end of the price band.
Financial Performance of Sri Lotus Developers
Understanding a company’s financial strength is essential for IPO evaluation. The company has delivered remarkable growth in both revenue and profitability over the past three fiscal years.
Financial Highlights (₹ in crore)
| Year Ended | FY25 | FY24 | FY23 |
|---|---|---|---|
| Revenue | ₹569.28 | ₹466.19 | ₹169.95 |
| Profit After Tax | ₹227.89 | ₹119.14 | ₹16.80 |
| EBITDA | ₹288.97 | ₹158.55 | ₹20.84 |
| Net Worth | ₹932.44 | ₹169.56 | ₹48.36 |
| Total Assets | ₹1,218.60 | ₹736.81 | ₹486.23 |
| Borrowings | ₹122.13 | ₹428.24 | ₹328.93 |
Key Observations:
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Revenue growth of 22% YoY from FY24 to FY25
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PAT growth of 91% YoY, indicating enhanced margins and efficiency
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Significant decrease in borrowings, showcasing strong deleveraging
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EBITDA margin of 52.57%, pointing to robust profitability
These numbers highlight a high-growth, capital-efficient business with strong fundamentals.
Technical Ratios and Valuation Metrics
| Indicator | Value |
|---|---|
| EPS (FY25) | ₹5.23 |
| Price to Earnings (P/E) | 28.69 |
| RoNW | 24.39% |
| ROCE | 27.22% |
| Price to Book Value | 7.01 |
| Market Cap (Post IPO) | ₹7,330.65 Cr |
These indicators reflect a fairly priced IPO given the company’s margins and growth. The post-issue EPS is projected at ₹4.66 and P/E at 32.17, which aligns with other premium players in the real estate sector.
Peer Comparison
| Company | EPS | P/E Ratio | RoNW | Revenue (₹ Cr) |
|---|---|---|---|---|
| Sri Lotus Developers | 5.23 | 28.69 | 24.39% | 466.19 |
| Arkade Developers | 9.25 | 23.38 | 17.76% | 636.00 |
| Keystone Realtors | 13.85 | 45.35 | 6.20% | 2,276 |
| Suraj Estate Developers | 21.80 | 15.09 | 11.10% | 416.00 |
| Sunteck Realty | 10.26 | 38.21 | 4.61% | 620.00 |
| Mahindra Lifespaces | 3.95 | 128.47 | 3.23% | 279.00 |
| Hubtown Limited | 4.39 | 45.89 | 1.93% | 362.00 |
Sri Lotus Developers compares favorably to peers in terms of RoNW and EBITDA margin, while maintaining a moderate P/E ratio.
Company Background: Who is Sri Lotus Developers?
Founded in 2025, Sri Lotus Developers Limited is based in Mumbai, Maharashtra. The company is engaged in residential and commercial real estate development, with a primary focus on ultra-luxury properties in Mumbai’s Western Suburbs.
Key Strengths:
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Strong project execution and end-to-end capabilities
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Operates under an asset-light model
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High brand recall and premium pricing ability
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Focus on timely project delivery and high construction standards
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Backed by an experienced promoter group (Anand Pandit family)
Its development model involves joint development and development management agreements, which allows it to scale rapidly without large capital outlays.
IPO Objectives: How Will Funds Be Utilized?
The net proceeds of the IPO, amounting to ₹792 crore, will be used for:
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General Corporate Purposes
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Investment in Subsidiaries
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Richfeel Real Estate Pvt Ltd
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Dhyan Projects Pvt Ltd
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Tryksha Real Estate Pvt Ltd
-
-
Part-funding of Ongoing Projects
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Project Amalfi
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The Arcadia
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Project Varun
-
These investments align with the company’s expansion strategy in the high-value Mumbai luxury real estate market.
Promoter Holding Structure
| Shareholding Type | Percentage |
|---|---|
| Pre-Issue | 91.78% |
| Post-Issue | 81.86% |
The 10% equity dilution reflects healthy promoter confidence, as they retain over 80% holding post-IPO.
IPO Bidding Requirements
| Investor Type | Lots | Shares | Investment |
|---|---|---|---|
| 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 |
Applications can be submitted via UPI-enabled brokers and banks.
Subscription Status (To Be Announced)
As of now, the subscription status is yet to be updated. Once live, the following table will reflect demand across investor segments.
| Category | Shares Offered | Shares Subscribed | Subscription Times |
|---|---|---|---|
| QIB | 50% | TBD | TBD |
| Retail | 35% | TBD | TBD |
| NII | 15% | TBD | TBD |
Investment Outlook: Should You Apply?
Pros:
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Strong financial performance and profitability
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Asset-light, capital-efficient business model
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High growth in net worth and significant reduction in debt
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Attractive GMP indicating listing gains
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Premium positioning in luxury real estate market
Risks:
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Highly competitive and cyclical real estate sector
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Regulatory and approval delays can impact execution
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Limited geographical diversification (Mumbai-centric)
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Sensitivity to economic cycles and interest rates
Final Verdict
The Sri Lotus Developers IPO offers a strong mix of growth, profitability, and brand strength. The robust GMP trend, combined with a compelling financial track record and asset-light scalability, makes it an attractive option for both listing gains and long-term investment.
Investors with a moderate to high-risk appetite and interest in the real estate sector should consider this IPO, while keeping an eye on subscription levels and broader market sentiment.
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