SURAJ ESTATE DEVELOPERS LTD IPO ALL KEY DETAILS:

DATES : 18 DEC – 20 DEC
IPO SIZE: 400 CRORE
PRICE BAND : 340 – 360
RETAIL LOT : 41 SHARE,
APPLICATION AMOUNT : 14,760
NUMBER OF APPLICATIONS : 94,851
SMALL HNI LOT : 574 SHARE
APPLICATION AMOUNT : 2,06,640
NUMBER OF APPLICATIONS : 968

BIG HNI LOT : 2,788 SHARES
APPLICATION AMOUNT : 10,03,680
NUMBER OF APPLICATIONS : 1,936

REGISTRAR : LINKINTIME
B.O.A. : 21 DEC 2023
REFUNDS : 22 DEC 2023
CREDITS OF SHARE : 22 DEC 2023
LISTINGS : 26 DEC 2023

MUMBAI, 13 DECEMBER, 2023 (GPN): Suraj Estates Developers (SURAJ) will open it’s IPO for bidding on Monday, December 18, 2023. The realty player is offering its shares in the range of Rs 340-360 a piece with a lot size of 41 equity shares and its multiples thereafter. The bidding for the issue shall conclude on Wednesday, December 20.

Incorporated in 1986, by founder Rajan Meenathakonil Thomas, Suraj Estate Developers is a real estate construction company, which develops residential and commercial real estate in the South-Central Mumbai region. The company does not provide any in-house construction services and is 100 per cent dependent on third-party contractors for the construction services of its projects.

The realty player is looking to raise Rs 400 crore via its primary stake sale, which entirely consists of sale of 11,111,111 fresh equity shares. Anchor book for the issue opens on Friday, December 15.

The net proceeds from the issue shall be utilized towards repayment and/or prepayment of the aggregate outstanding borrowings of the company and its subsidiaries- Accord Estates and Iconic Property Developers; acquisition of land or land development rights; and general corporate purposes.

Suraj Estate Developers focuses primarily on value luxury, luxury segments and commercial segment in South Central Mumbai region and now venturing into residential real estate development in Bandra sub-market. We specialise in the redevelopment of tenanted properties.

With a longstanding presence of over thirty-six years in the real estate market, it has completed forty-two (42) projects with a developed area of more than 1,046,543.20 square feet in the South-Central Mumbai region. In addition to the Completed Projects, it has thirteen (13) Ongoing Projects with a developable area of 20,34,434.40 square feet and saleable carpet area 6,09,928 square feet and sixteen (16) Upcoming Projects with an estimated carpet area of 7,44,149 square feet.

The Company caters to the discerning clientele across the “value luxury” and “luxury” segments, offering a diverse range of properties priced from ₹10.00 million to ₹130.00 million. It has constructed and sold built-to-suit corporate headquarters to institutional clients, which includes Saraswat Co-operative Bank Limited (Prabhadevi) and Clearing Corporation of India Limited (Dadar). To cater to the increasing need for independent office buildings in the commercial segment, it is currently proposing a 16 storey commercial building situated in Tulsi Pipe Road, Mahim.

Its customer centric business model focuses on addressing customer requirements in various locations, ticket sizes and configurations.

Positioned for future growth and expansion, the company holds certain strategic land parcels in Bandra (West) and Santacruz (East) for development. As of October 31, 2023, it possesses Land Reserves of 10,359.77 square meters, intending to capitalize on the entire FSI potential of more than index 2.0, subject to marketability and receipt of regulatory clearances. They have land parcels spanning 9,631.35 square meters in Bandra (West), Mumbai, Maharashtra, and 728.42 square meters in Santacruz (East), Mumbai, Maharashtra, showcasing its commitment to strategic real estate investments and future projects.

ITI Capital and Anand Rathi Securities are the book running lead managers of the Suraj Estate Developers IPO, while Link Intime India has been appointed as the registrar for the issue. Shares of Suraj Estate shall be listed on both BSE and NSE on December 27, Tuesday.

RHP: https://www.sebi.gov.in/filings/public-issues/dec-2023/suraj-estate-developers-limited-rhp_79734.html