The Initial Public Offering of Suraj Estate Developers Limited was subscribed 15.59 times on the last day of bidding.
The issue received bids of 12,84,20,241 shares against the offered 82,35,293 equity shares, at a price band of ₹340-360, according to the data available on the stock exchanges.
Qualified Institutional Buyer Portion subscribed 24.31 times, Non-Institutional Investors Portion was subscribed 18.89times and Retail Portion was subscribed 9.20 times.
ITI Capital Limited and Anand Rathi Advisors Limited are the book running lead managers and Link Intime India Private Limited is the registrar to the offer.
Company Information
Suraj Estate Developers Limited is one of the leading Mumbai-based realtor with a long standing presence of over 36 years and has developed real estate across the residential and commercial sectors in South Central Mumbai region and has residential portfolio located in the markets of Mahim, Matunga, Dadar, Prabhadevi and Parel. The company caters to the discerning clientele across the “value luxury” and “luxury” segments, offering a diverse range of properties with customer centric business model focused on addressing customer requirements in various locations, ticket sizes and configurations.
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.
For the financial year ending March 31, 2023, the Company’s consolidated revenue from operations increased to Rs 3,05.74 crore from Rs 272.72 crore in the previous fiscal 2022, primarily due to increase in sales on account of new projectslaunch in value luxury segment. For the fiscal year 2023, the Company generated a profit of Rs 32.06 crore as compared to Rs 26.50 crore for last fiscal year.
For the three months ended June 30, 2023, revenue from operations stood at Rs 102.41 crore and profit after tax stood at Rs 14.53 crore.
The table below shows subscription data for all the categories of investors:
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