New Delhi: Lotus Developers’ IPO has been the talk of tinsel town with bigwigs such as Amitabh Bachchan and Shah Rukh Khan having picked up a stake in the real estate developer even before its public issue. Bollywood has shown sizeable interest in IPOs this year and even cricketers picked up a stake in multiple companies over the past year.
The Rs 792 crore IPO is backed by stock market investor Ashish Kacholia. The real estate comoany has raised Rs 400 crore from a clutch in investors via private placement method against 26.61 million shares priced at Rs 150 each.
Some of the who’s who that have invested in the company prior to its IPO filing include:
| Name | Shares bought | Price (In Rs crore) |
| Ashish Kacholia | 33.33 lakh | 50 |
| Amitabh Bachchan | 6.7 lakh | 10 |
| Shah Rukh Khan Family Trust | 6.7 lakh | 10.1 |
| Hrithik Roshan | 70000 | 1 |
Lotus Developers and Real Estate, formerly AKP Holdings, specialises in premium real estate projects as well as high-end residential and commercial properties. The comoany plans to raise Rs 790 crore to fund its new projects. The Rs 792 crore IPO comprises a fresh issuance of Rs 550 crore which will fund its units, namely, Richfeel Real Estate, Dhyan Projects and Tryksha Real Estate. IPO proceeds will also be utilised towards meeting funding requirements for ongoing development and construction projects.
While 50 per cent of the IPO has been earmarked for qualified institutional buyers, 15 per cent is reserved for NII investors while the remaining 35 per cent is for retail buyers.
Kotus Developers reported a 176.61 per cent jump in revenues to Rs 461.57 crore for the period ending FY24, compared to Rs 166.87 crore in the year-ago period. The company’s profit after tax rose over 600 per cent to Rs 119.81 crore in FY24 from Rs 16.29 crore in the year-ago period, according to its DRHP. Monarch Networth Capital and Motilal Oswal Investment Advisors are acting as bookrunning lead managers in the Rs 792 crore IPO while Kfin Technologies is acting as the registrar. Shares of Lotus Developers are expected to list on the BSE and the NSE after the subscription offer closes.
(Disclaimer: This article is only meant to provide information. News9 does not recommend buying or selling shares or subscriptions of any IPO and Mutual Funds.)
