Lotus Developers, a leading player engaged in real estate development, has backed by ace investor Ashish Kacholia, and several bollywood stars, has filed preliminary papers with the capital markets regulator SEBI to raise Rs 792 crore via initial share sale. The IPO comprises of solely fresh issue with no offer-for-sale component.
Promoters hold 91.78 percent stake in the Lotus Developers, and the remaining 8.22 percent equity stake is held by 150 public shareholders including bollywood stars, Ashish Kacholia, NAV Capital, Dovetail Global Fund, Minerva Ventures, Oppbasket.
On September 16 this year, the company had raised Rs 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 this year, it has mopped up Rs 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, and Jagdish N Master, and Nurture Pranay Foundation.
Ashish Kacholia invested nearly Rs 50 crore in the company for 33.33 lakh shares, while well-known names of the film industry like 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 Rs 28.92 crore.
It has completed three projects as of November 2024, while there are six ongoing projects and seven upcoming projects with estimated developable area of 1.05 million and 4.5 million square feet, respectively.
Anand Kamalnayan Pandit-promoted company will spend Rs 550 crore out of IPO proceeds for part-funding development and construction cost of ongoing projects – Amalfi, The Arcadian, and Varun by subsidiaries Richfeel Real Estate, Dhyan Projects, and Tryksha Real Estate, respectively. Further, remainder funds will be used for general corporate purposes.
Lotus Developers (AKP Holdings Pvt. Ltd.), founded in 2003, has transformed Mumbai’s skyline with a remarkable portfolio of premium residential, commercial, and mixed-use properties. Renowned for its commitment to excellence, the company continually sets new benchmarks in real estate development. Every project undergoes a meticulous vetting process to identify prime locations and craft unparalleled strategies, ensuring precision in execution.
With a focus on the luxury and ultra-luxury segments, Lotus Developers combines attention to detail, impeccable craftsmanship, and a drive to exceed industry standards. The company is driven by a dedicated team of talented real estate professionals whose combined breadth of experience includes all areas of real estate development. Clear communication and proficient execution enable us to successfully acquire, finance, develop, liason, market, and manage the most sophisticated development projects.
Dedicated to delivering world-class living and working spaces, the company’s unwavering commitment to safety and customer satisfaction has earned it the trust of thousands of satisfied clients. The company has successfully delivered 4.60 Mn Sq Ft area, and currently has 2.50 Mn sq construction area in pipeline.
The Mumbai Metropolitan Region (MMR) continues to solidify its position as India’s largest and most expensive real estate market, offering immense potential for growth and profitability. Within this vibrant landscape, the island city of Mumbai leads the way, with a significant focus on redevelopment projects outpacing those in the suburbs and other parts of MMR.
In recent years, MMR has experienced substantial growth, with 2022 marking a milestone—housing supply saw a staggering 132% increase compared to 2017, accompanied by a 93% rise in absorption rates. This upward trajectory is expected to continue over the next 3-4 years, driven by robust demand and strategic development.
MMR’s standing as one of the most expensive housing markets among the top seven cities in India further highlights its profitability. Property prices in the region grew by 7-8% in 2023 alone, and this momentum is projected to sustain steady growth in the coming years.
As a leader in luxury and ultra-luxury real estate, Lotus Developers is proud to contribute to this dynamic market, setting benchmarks that align with MMR’s thriving potential.
