The public issue received a strong response from the Indian primary market investors as it had been subscribed to around 74 times. Comparing the Sri Lotus Developers IPO subscription status with recently listed peers of the realty company, the Sri Lotus Developers IPO is far ahead of them.
The extraordinary demand from institutional investors sets this Sri Lotus Developers IPO apart. The Qualified Institutional Buyers (QIB) category alone saw an oversubscription of 175 times, reflecting strong institutional confidence in the company's business fundamentals, project pipeline, and market positioning.
Comparison with peers
Sri Lotus Developers peer Kalpataru Projects, listed on the BSE and NSE on 1 July 2025, was subscribed around 2.30 times, while its QIB portion was subscribed slightly over 3 times. Another peer, Keystone Realtors, listed on the BSE and the NSE on 24 November 2022, had been subscribed to around two times, and its QIB portion had been booked close to four times. Another peer, 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.
Key factors for such a strong subscription
On the reasons that fueled Sri Lotus Developers' IPO subscription status, Avinash Gorakshkar, an SEBI-registered fundamental analyst, said, "Several factors have contributed to the resounding success of Lotus Developers' IPO: a mid-sized company with a focused development approach and strategic location of company projects. The market mood also fueled Sri Lotus Developers' IPO subscription status."
Promoters hold a 91.78 per cent stake in Lotus Developers, and 150 public shareholders, including Bollywood stars Ashish Kacholia, NAV Capital, Dovetail Global Fund, Minerva Ventures, and Oppbasket, hold the remaining 8.22 per cent equity stake.
On September 16 last year, the company had raised ₹139.4 crore via private placement with allotment to investors including Money Spinners, Sera Investments, Smart Algo Solutions, NAV Capital, Dovetail Global Fund, Minerva Ventures, Yantra E-Solarindia, and Oppbasket.
Further, on December 14 last year, it raised ₹399.2 crore via another private placement to investors including Ashish Kacholia, Abundantia Capital, Astorne Capital, AARII Ventures, Topgain Finance, Turtle Crest, Aminiti Builders & Developers, DRChoksey Finserv, Jagdish N Master, and Nurture Pranay Foundation.
Ashish Kacholia invested nearly ₹50 crore in the company for 33.33 lakh shares, while well-known names in the film industry, such as Shah Rukh Family Trust, Amitabh Bachchan, Ektaa Ravi Kapoor, Tusshar Ravi Kapoor, Jeetendra Alias Ravi Amarnath Kapoor, Tiger Jackie Shroff, Rajkumar Yadav, Rakesh Roshan, Hrithik Rakesh Roshan, Sajid Suleman Nadiadwala, and Manoj Bajpayee picked 19.28 lakh shares in Lotus Developers for ₹28.92 crore.
Anand Kamalnayan Pandit-promoted company will use ₹550 crore of IPO proceeds to partially fund the development and construction costs of ongoing projects, Amalfi, The Arcadian, and Varun, by subsidiaries Richfeel Real Estate, Dhyan Projects, and Tryksha Real Estate, respectively. The remainder of the funds will be used for general corporate purposes.