On the first day of subscription, the initial public offering (IPO) of Suraj Estate Developers recorded a subscription rate of 71%. The IPO received bids for 58,50,946 shares against the total offer of 82,35,293 shares. The Retail Individual Investors (RIIs) segment showed robust interest with a subscription rate of 1.23 times, while non-institutional investors subscribed to 28%. Qualified Institutional Buyers (QIBs) participated with a 12% subscription rate.
IPO Details:
- Suraj Estate Developers’ IPO is exclusively a fresh issuance of equity shares, amounting to Rs 400 crore, with no Offer for Sale (OFS) component.
- The IPO price range is set at Rs 340-360 per share.
- The company garnered Rs 120 crore from anchor investors ahead of the IPO.
Utilization of Proceeds:
- The raised funds will be utilized for debt repayment by the company and its subsidiaries, namely Accord Estates and Iconic Property Developers.
- Acquisition of land and general corporate purposes also constitute the utilization plan for the IPO proceeds.
Company Profile:
- Suraj Estate Developers, based in Mumbai, has a significant real estate presence in the South Central Mumbai region.
- The company has developed properties in both residential and commercial sectors, with a residential portfolio spanning Mahim, Matunga, Dadar, Prabhadevi, and Parel.
Listing Plans:
- The equity shares from the IPO are proposed to be listed on both BSE (Bombay Stock Exchange) and NSE (National Stock Exchange).
Managers to the Offer:
- ITI Capital and Anand Rathi Advisors are serving as the managers to the offer, overseeing the IPO process for Suraj Estate Developers.*
Note: The IPO aims to strengthen the company’s financial position and support its expansion and development initiatives.
