Sri Lotus shares soar 19% on debut: What's the story?
Sri Lotus Developers and Realty Ltd kicked off its stock market journey with a bang—shares opened at ₹178 (NSE) and ₹179 (BSE), almost 19% above the IPO price of ₹150.
The IPO was a hot ticket, subscribed about 69 times, with 5.28 crore shares up for grabs.
Strong brand presence in Juhu's luxury real estate market
Sri Lotus focuses on high-end residential redevelopment in Mumbai's western suburbs, especially Juhu.
They use an asset-light approach by teaming up with landowners instead of buying land outright, keeping things nimble.
Profits are set to jump from ₹16.8 crore in FY23 to a projected ₹227.9 crore by FY25, thanks to their strong brand and premium projects.
Funds raised will help build out 3 big projects
Funds raised will help build out three big projects: Amalfi, The Arcadian, and Varun.
With return on net worth expected over 41% and PAT margins above 40% for FY25, analysts say investors are clearly betting big on Mumbai's luxury real estate scene right now.