The initial public offering (IPO) of Sri Lotus Developers opened for subscription today. The company plans to raise ₹792 crore entirely via fresh issue—meaning all the funds will go to the company, and no promoter shares are being sold.
The IPO price band is set between ₹140 and ₹150 per share.
Ahead of the opening, the Grey Market Premium (GMP) touched ₹44, indicating a potential listing gain of nearly 29% over the issue price.
IPO Details
| Particulars | |
| Date of IPO | 30th July 2025 – 1st Aug 2025 |
| Price band (Rs. per share) | 140-150 |
| Total issue size no of shares (crore) | 792 |
| Offer for Sale no of shares (crore) | 792 |
| Offer for sale (%) | – |
| Fresh issue (Rs. crore) | 792 |
| Market Cap (Rs. crore) | 7,086 |
| Objects of the offer | Fresh Issue |
| Key peers | Arkade Developers, Keystone Realtors, Mahindra Lifespace Developers, Hubtown, Suraj Estate Developers, Sunteck Realty |
| Industry | Real Estate |
Source: RHP
Celebrity Backing
In December 2024, several Bollywood celebrities invested in the company via private placement.
Celebrities Invested
| Celebrity Name | Investment Amount (₹ Crore) |
| Ajay Devgn | 57.5 |
| Shah Rukh Khan | 10.1 |
| Amitabh Bachchan | 10 |
| Hritik Roshan & Family | 2.1 |
| Ektaa Kapoor’s Family | 5 |
| Tiger Shroff | 0.5 |
| Sara Ali Khan | Not disclosed |
| Rajkummar Rao | Not disclosed |
| Sajid Nadiadwala | Not disclosed |
Source: Chittorgarh
This Bollywood backing has created strong buzz around this IPO.
Sri Lotus Developers Promoter Details
The company’s main promoter is Anand Kamalnayan Pandit, who holds a majority stake.
Ashka Anand Pandit and Aishwarya Pandit also hold around 4% stake each through their respective family trusts.
Promoter Shareholding
| Name of the Shareholder | No. of Shares Held (Crores) | % Shares |
| Anand Kamalnayan Pandit | 35 | 88% |
| Ashka Pandit Family Trust | 2 | 4% |
| Aishwarya Pandit Family Trust | 2 | 4% |
| Rudratej Pandit Family Trust | 2 | 4% |
| Total | 40 | 100% |
Post the IPO, the promoter group’s holding will reduce from 92% to 82%, while public shareholding will rise accordingly.
Shareholding Pre & Post Issue
| Particulars (In Crores) | Pre Issue | Post Issue | ||
| No of Shares | % Holding | No of Shares | % Holding | |
| Promoters & Promoter Group | 40 | 92% | 40 | 82% |
| Public | 4 | 8% | 9 | 18% |
| Total | 44 | 100.0% | 49 | 100.0% |
Valuation
At the upper price band of ₹150, the IPO is valued at a P/E ratio of 28.7x based on FY25 earnings. This reflects a premium valuation, aligned with the company’s luxury positioning and expected future growth.
Sri Lotus Developers – Peer Comparison
| Name of the Company (Rs. Crore) | FY25 | |||
| Market Cap (Rs Crore) | ROCE % | D/E (x) | P/E (x) | |
| Sri Lotus Developers | 7086 | 29.2% | 0.1 | 28.7 |
| Arkade Developers | 3,585 | 30.6% | 0.13 | 23.1 |
| Keystone Realtors | 7,809 | 9.3% | 0.34 | 45.4 |
| Mahindra Lifespace Developers | 7,734 | 2.2% | 0.76 | 77.5 |
| Hubtown | 4,370 | 8.2% | 0.33 | 95.2 |
| Suraj Estate Developers | 1,405 | 17% | 0.51 | 15.4 |
| Sunteck Realty | 5,919 | 6% | 0.12 | 36.8 |
Sri Lotus Developers Business Overview
Founded in February 2015, Sri Lotus Developers is a premium real estate company based in Mumbai. It primarily focuses on ultra-luxury and luxury residential projects in Mumbai’s western suburbs, with price ranges:
- Luxury Homes: ₹3–₹7 crore
- Ultra-Luxury Homes: ₹7 crore and above
The company also develops commercial spaces, which contributed 85% of its revenue in FY25. Luxury and ultra-luxury homes contributed 7% and 8% respectively.
Sri Lotus Developers Revenue Break-Up By Segment (FY25)
Source: RHP
Sri Lotus operates on an asset-light model through redevelopment and joint development agreements (JDAs), reducing capital needs and improving execution speed.
The company has completed 12 projects—8 residential and 4 commercial—covering 3.32 million sq. ft. in Mumbai’s western suburbs
Financial Highlights
Strong Revenue Growth Driven by Premium Projects: Sri Lotus Developers delivered impressive revenue growth in FY25, primarily driven by strong sales of ultra-luxury residential homes and commercial projects. These projects were located in prime Mumbai areas like Juhu and Andheri, where demand remained high.
Commercial Projects Led Revenue: Nearly 85% of the company’s revenue came from commercial spaces. These projects typically sell faster and offer higher margins, which significantly boosted the company’s overall performance.
Sharp EBITDA & Profit Growth: Thanks to robust sales and better margins, the company’s profits grew rapidly. In FY25, EBITDA grew at a CAGR of 267.8%, while PAT (net profit) rose at a CAGR of 265.1%. This growth clearly reflects the company’s efficient execution and premium market positioning.
Sri Lotus Developers – Profit & Loss
| Particulars (Rs. Crore) | FY23 | FY24 | FY25 | 2-Year CAGR |
| Net Sales | 167 | 462 | 550 | 81.5% |
| YoY | 176.6% | 19.1% | ||
| Core EBITDA | 21 | 158 | 289 | 267.8% |
| YoY | 639.3% | 83.0% | ||
| as % of net sales | 12.8% | 34.2% | 52.6% | |
| PAT after E.O. | 17 | 119 | 228 | 265.1% |
| YoY | 597.1% | 91.3% | ||
| as % of net sales | 10.2% | 25.8% | 41.5% |
Source: RHP
In FY25, the company significantly reduced its borrowing levels, primarily due to a strategic shift to an asset-light model.
By focusing on redevelopment projects and joint ventures, the company avoided the need to purchase land—thereby lowering capital requirements. This approach also led to a substantial improvement in the company’s debt-to-equity ratio.
At the same time, there was a strong rise in the company’s net worth, driven by robust profits and fresh equity infusion.
Additionally, capital employed increased, indicating effective utilization of internal resources and the maintenance of strong financial discipline.
Sri Lotus Developers Balance Sheet & Cashflow
| Balance Sheet | FY23 | FY24 | FY25 |
| Debt | 329 | 428 | 122 |
| Equity | 48 | 170 | 934 |
| Total Assets | 486 | 737 | 1,219 |
| Current Liabilities | 405 | 532 | 234 |
| Capital Employed | 82 | 205 | 985 |
| Ratios | |||
| RoCE (%) | 25.1% | 76.5% | 29.2% |
| D/E (X) | 6.9 | 2.5 | 0.1 |
| Cashflow | |||
| CFO | 71 | 46 | -20 |
| Capex | -1 | -1 | -1 |
| Free Cash Flow | 70 | 46 | -21 |
Source: RHP
Future Outlook
The company has a strong pipeline of 16 projects in prime Mumbai locations including Juhu, Bandra, Andheri, Prabhadevi, and Ghatkopar. It is targeting premium homes priced above ₹2.5 crore—a segment witnessing strong demand.
With heavy celebrity backing and buzz around potential listing gains, retail investor interest is high for this IPO.
It remains to be seen how the IPO performs on listing day but going by the current grey market premium (GMP) trends, a strong listing is expected.
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Yash Vora is a financial writer with the Informed InvestoRR team at Equentis. He has followed the stock markets right from his early college days. So, Yash has a keen eye for the big market movers. His clear and crisp writeups offer sharp insights on market moving stocks, fund flows, economic data and IPOs. When not looking at stocks, Yash loves a game of table tennis or chess.
