Suraj Estate Developers is scheduled to announce the basis of allotment of its shares most likely on Thursday, December 21. Bidders will get the messages, alerts or emails for debit of their funds or revocations of their IPO mandate by Friday or over the weekend. The primary offering of the shadow lender had received a decent response from the investors.
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Suraj Estate Developers sold its IPO in the price band of Rs 340-360 apiece with a lot size of 41 shares, which was open for bidding between December 18 to December 20. The company aimed to raise about 400 crore from its primary offering, which entirely included a sales of 1,11,11,111 fresh shares.
The issue was overall subscribed 15.59 times as the portion for qualified institutional bidders (QIBs) was booked 24.31 times, while the non-institutional investors’ category was subscribed 18.89 times. The quota reserved for retail investors was subscribed 9.20 times during the three-day bidding process.
Grey market premium (GMP) of Suraj Estate Developers has dropped sharply from its peak, thanks to the selling pressure in the broader markets. Last heard, the company was commanding a premium of Rs 25-30 per share, suggesting a listing pop in single digits for the investors. However, it was around Rs 65-70 before the bidding for the issue commenced.
Established in 1986, Suraj Estates Developers specializes in the development of residential and commercial real estate in the South-Central Mumbai region.
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Notably, the company relies entirely on third-party contractors for the construction services of its projects, as it does not provide any in-house construction services.
Brokerage firms were mostly positive on the issue of Muthoot Micro and suggested subscribing to it on the back of strong pipeline, rising demand for luxury projects, improved margins, heavy land bank in the prime locations, deep experience and a track record of successful execution.
ITI Capital and Anand Rathi Securities serve as the book running lead managers for the Suraj Estate Developers IPO, with Link Intime India appointed as the registrar for the issue. The listing of Suraj Estate Developers shares on both BSE and NSE is scheduled for December 26, Tuesday.
Investors, who bid for the issue of Suraj Estate Developers, can check the allotment status on the BSE website’s IPO application check page. Check-in equity, under the issue type and select Suraj Estate Developers Limited in the dropbox; type-in the application number and add the PAN card number before checking-in at ‘I am not a Robot’ before hitting the submit button.
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Allotment status can also be checked through the online portal of Link Intime India, the registrar to the issue. Visit the web portal of Kfin Tech and select the IPO of Suraj Estate Developers in the dropbox. Enter the either PAN Card number, Application Number or DP Client ID as selected tab and hit ‘search’ to get the allotment status for your application.
