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Suraj Estate Developers Limited’s Initial Public Offering to open on Monday, December 18, 2023, sets price band at ₹340 to ₹360 per Equity Share

Mumbai, December 13, 2023: Mumbai-based realtor Suraj Estate Developers Limited 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,has fixed the price band at 340 to 360 per Equity Share for its maiden initial public offer. The Initial Public Offering (“IPO” or “Offer”) of the Company will open on Monday, December 18, 2023, for subscription and close on Wednesday, December 20, 2023. Investors can bid for a minimum of 41 Equity Shares and in multiples of 41 Equity Shares thereafter.

The Public Issue of face value of ₹5 per Equity Share is entirely a fresh issuance of Equity Shares worth Rs 400 crore with no Offer for Sale (OFS) component.

Founded in 1986 by Rajan Meenathakonil Thomas, Suraj Estate Developers focuses primarily on value luxury, luxury segments and commercial segment and now venturing into residential real estate development in Bandra sub-market. Its expertise lies is 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 firm caters to the discerning clientele across the “value luxury” and “luxury” segments, offering a diverse range of properties priced from ₹1.00 crore to ₹13.00 crore. It also plans to foray into developing boutique office spaces on Tulsi Pipe Road, Mahim, to meet the growing demand for smaller independent offices in the commercial segment.

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.

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. The equity shares are proposed to be listed on BSE and NSE.

Notes for Reference:

Issue Size of the IPO based on the upper and lower end of the price band

Fresh (Rs 400 crore)

Lower Band (@ Rs 340)

Rs 400 crore

Upper Band (@Rs 360)

Rs 400 crore

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