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Suraj Estate Developers IPO Witnesses 71% Subscription on Day One

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.


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