Suraj Estate IPO Opens for Subscription: Check out Price Band, Offer Details & More

Marquee real estate construction company, Suraj Estate Developers Limited has floated its IPO which opened today, December 18, 2023. The issue will close on December 20, 2023.

Suraj Estate Developers Limited specializes in developing residential and commercial real estate within the South Central Mumbai region. It exclusively relies on third-party contractors for all construction services, without maintaining any in-house construction capabilities. The firm has completed 42 projects in the South-Central Mumbai region till date.

Suraj Estate IPO Price Band

The real estate firm has fixed the IPO price band at Rs 340-360 per share. It plans to raise Rs 400 crore from the IPO by issuance of fresh shares.

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IPO Lot Size

The set minimum investment amount for retail investors is Rs 13,940, necessitating bids for a minimum of 41 equity shares, with subsequent increments in multiples of 41 shares. At the upper band, the bidding amount will increase to Rs 14,760.

Objectives of the IPO

As per an exchange filing, the real estate developer plans to allocate the net fresh issue proceeds in the following manner: Rs 285 crore for debt repayment, Rs 35 crore for acquiring land or land development rights in the Mumbai Metropolitan Region. General corporate purposes will absorb the remaining fresh issue funds.

Book Running Managers

ITI Capital and Anand Rathi Securities serve as the book-running lead managers for the Suraj Estate Developers IPO. Link Intime India Private Ltd is acting as the registrar for the issue.

Company Earnings

Suraj Estate Developers achieved a 21 percent year-on-year growth in net profit, reaching Rs 32.06 crore for the fiscal year ending March FY23, generated from a revenue of Rs 305.7 crore. In the quarter concluding June FY24, the company reported a net profit of Rs 14.53 crore, derived from a revenue of Rs 102.41 crore.

_{Disclaimer: The information provided in this blog post is for informational purposes only and should not be construed as investment or trading advice. The author is not a financial advisor and does not have any professional qualifications in this area. The author does not guarantee the accuracy or completeness of the information provided. Any action you take based on the information in this blog post is done at your own risk. Please consult with a financial advisor before making any investment decisions.}