The initial public offering (IPO) of Suraj Estates Developers will open for bidding on Monday, December 18, 2023. The realty player is offering its shares in the range of Rs 340-360 apiece with a lot size of 41 equity shares and its multiples thereafter.
Read More: DOMS IPO fully subscribed within one hour of bidding process; retail portion booked 4X
The bidding for the issue shall conclude on Wednesday, December 20.
Incorporated in 1986, 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.
Read More: India Shelter Finance IPO Day 1: Check GMP Today, Latest Subscription Status
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 has completed 42 projects in the South-Central Mumbai region. In addition, the company has 13 ongoing projects and 16 upcoming projects. Suraj Estate has developed more than 10 lakh square feet of land in Mumbai. It is present in the ‘value luxury’ and ‘luxury’ segments in various price categories.
Read More: DOMS Industries IPO Opens Today: Should You Subscribe? Key Things To Know
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.
