Sri Lotus Developers Limited Files DRHP With SEBI To Raise ₹792 Crore

Sri Lotus Developers Limited submitted its Draft Red Herring Prospectus (DRHP) to the market regulator, the Securities and Exchange Board of India (SEBI) on Thursday, December 26, 2024. Monarch Networth Capital Limited and Motilal Oswal Investment Advisors Limited are acting as the book-running lead managers for the Sri Lotus Developers IPO. KFin Technologies Limited has been appointed as the registrar for the public issue.

IPO Objective and Fundraising Details

The company plans to raise approximately ₹792 crore through its book-built IPO. This offering will be a fresh issue of equity shares with a face value of ₹1 each. Notably, there is no Offer-for-Sale (OFS) component in this issue.

Usage of IPO Proceeds

The net proceeds from the IPO will primarily be used to fund the development activities of the company’s subsidiaries:

• Richfeel Real Estate Private Limited
• Dhyan Projects Private Limited
• Tryksha Real Estate Private Limited

A significant portion of ₹550 crore will be allocated to partially fund the ongoing construction and development of their projects: Amalfi, The Arcadian, and Varun, respectively. The remaining funds will be directed toward general corporate purposes.

About Sri Lotus Developers

Founded in 2015, Sri Lotus Developers is a prominent real estate developer with a diverse portfolio of both residential and commercial properties. The company has completed and continues to work on more than 7 million gross square feet of real estate projects.As of the second quarter of the financial year 2024-25 (July to September 2024), Sri Lotus Developers reported a net profit of ₹90.6 crore. For the fiscal year 2024, the company’s net profits stood at ₹119.80 crore. In comparison, the net profits for FY 2023 and FY 2022 were ₹16.28 crore and ₹12.51 crore, respectively. As of September 2024, the company’s net worth was ₹398.29 crore.

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