Sri Lotus shares list at 19% premium; M&B Engineering IPO makes flat debut
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Shares of real estate developer Sri Lotus Developers made a strong debut in the market today, listing at a 19% premium over the initial public offering (IPO) price, in an otherwise muted broader market. Meanwhile, shares of M&B Engineering, a design-led engineering solutions provider, made a flat debut, listing near the issue price.
The shares of Sri Lotus Developers debuted at ₹179.10 on the BSE, up 19.4% against its issue price of ₹150 apiece, while its market capitalisation climbed to ₹8,753 crore. On the NSE, the stock listed at ₹178 per share, a premium of 18.6% over the IPO price.
On the other hand, shares of M&B Engineering were listed at ₹386 on the BSE, up 0.26% over the issue price of ₹385 apiece. On the NSE, the stock listed flat at ₹385 per share, at par with the IPO price. The market capitalisation stood at ₹2,205.92 crore.
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Shares of NSDL also made their debut on the BSE today, listing at ₹880, a premium of 10% over the issue price of ₹800 apiece, with a market capitalisation of ₹17,600 crore.
While the listing of Sri Lotus Developers was largely in line with the Street's expectations, M&B Engineering’s debut was below expectations.
Shares of Sri Lotus Developers were commanding a grey market premium (GMP) of ₹38, indicating a listing price of around ₹188, a premium of 25.3% over the IPO price of ₹150 per share. On the other hand, M&B Engineering’s last GMP was ₹55, estimating a listing price at ₹440, up 14.3% over the IPO price.
Sri Lotus Developers raised ₹792 crore via the IPO route at an issue price of ₹150 per share, which was subscribed 69 times. The issue received bids for 2,74,16,88,500 shares against the 3,96,58,730 equity shares offered, as per exchange data. The qualified institutional buyer (QIB) and non-institutional investor (NII) portions were subscribed 163.90 times and 57.71 times, respectively, whereas the retail portion was booked 20.27 times. The employee portion received 19.83 times subscription.
The IPO of the real estate developer, engaged in the construction of residential and commercial premises in Mumbai, was a fresh issue of equity shares with no offer for sale (OFS) component.
Out of ₹792 crore, Sri Lotus Developers plans to utilise up to ₹550 crore for investment in its subsidiaries—Richfeel Real Estate Private Limited, Dhyan Projects Private Limited, and Tryksha Real Estate Private Limited. A part of the capital will be used to meet general corporate purposes, according to the DRHP.
On the other hand, M&B Engineering garnered ₹650.21 crore by public listing of its shares on the domestic bourses. The IPO, which was a combination of fresh issue of equity shares worth ₹275.21 crores and OFS aggregating to ₹375 crore, was subscribed 38.11 times. The public issue was subscribed 34.36 times in the retail category, 38.63 times in QIB, and 40.22 times in the NII segment.
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