Suraj Estate Developers share price debuts with 5.55% discount at ₹340 on NSE
₹340 per share, 5.55 percent lower than the issue price of ₹360, and on the BSE, the stock was listed at ₹343.80 apiece, a 4.5 percent discount. Suraj Estate IPO was open for subscription between December 18-20 for a price band of ₹340-360 per share. Ahead of the IPO, it raised ₹120 crore from 11 anchor investors allotting 33.33 lakh equity shares at ₹360 apiece.
Suraj Estate Developers IPO was subscribed 16.57 times during the subscription period. The public issue was subscribed 9.85 times in the retail category and 25.74 times in the Qualified Institutional Buyers (QIB) category. The Non-Institutional Investors’ (NII) portion was subscribed 20.02 times.
The issue comprises a fresh issue of 1.11 crore shares worth ₹400 crore. There is no offer for sale (OFS) segment in the public offer. The net proceeds from the IPO will be allocated towards the repayment and/or prepayment of the aggregate outstanding borrowings of the company and its subsidiaries.
Funds will be utilized for the acquisition of land or land development rights and general corporate purposes. ITI Capital Ltd and Anand Rathi Securities are the book-running lead managers of the Suraj Estate Developers IPO, while Link Intime India Private Ltd is the IPO registrar. Established in 1986, Suraj Estates Developers specialises in the development of residential and commercial real estate in the South-Central Mumbai region.
Notably, the company relies entirely on third-party contractors for the construction services of its projects, as it does not provide any in-house construction services. It has a track record of completing 42 projects in the South-Central Mumbai region. The company currently has 13 ongoing projects and 16 upcoming projects, having developed over
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