Suraj Estate Developers IPO booked 30% so far on Day 1
Suraj Estate Developers was subscribed 30% so far on Monday, the first day of the bidding process. The issue closes on Wednesday.
While the retail portion was subscribed 55%, the NII category was booked 11%.
There were no bids yet in the QIB part.
The IPO comprises a fresh issue of up to Rs 400 crore. There is no offer-for-sale segment in the public offer.
Suraj Estate has a longstanding presence of over thirty-six years in the real estate market in Mumbai.
It has been developing residential and commercial properties throughout South Central Mumbai. According to a Anarock report, it is one of the top ten developers as per supply (in number of units).
Here are all the details about Suraj Estate Developers IPO
Price band
The Mumbai-based realtor has fixed a price band of Rs 340-360 for its IPO and investors can bid for a minimum of 41 shares in one lot and in multiples thereafter.
IPO structure
The issue is being made through the book building process wherein 50% will be available for qualified institutional buyers, 15% for non-institutional bidders and 35% for allocation to retail investors.
IPO review
Analysts advised investors to subscribe to the issue as the company has shown consistent growth over the last few years.
The management is optimistic that this trend will continue.
«With extensive market knowledge, SEDL is a market leader in the combined South-Central Mumbai submarkets. Yet, the company must contend with competition from a range of national and regional real estate developers.
