Bookbuilding IPO | ₹400 Cr | Listed at BSE, NSE | Mon, Dec 18, 2023 - Wed, Dec 20, 2023
Suraj Estate Developers IPO is a book build issue of ₹400.00 crores. The issue is entirely a fresh issue of 1.11 crore shares of ₹400.00 crore.
Suraj Estate Developers IPO bidding started from Dec 18, 2023 and ended on Dec 20, 2023. The allotment for Suraj Estate Developers IPO was finalized on Dec 21, 2023. The shares got listed on BSE, NSE on Dec 26, 2023.
Suraj Estate Developers IPO price band is set at ₹360 per share. The lot size for an application is 41. The minimum amount of investment required by an retail is ₹14,760 (41 shares) (based on upper price). The lot size investment for sNII is 14 lots (574 shares), amounting to ₹2,06,640, and for bNII, it is 68 lots (2,788 shares), amounting to ₹10,03,680.
ITI Capital Ltd. is the book running lead manager and MUFG Intime India Pvt.Ltd. is the registrar of the issue.
Refer to Suraj Estate Developers IPO RHP for detailed Information.
IPO Open
Mon, Dec 18, 2023
IPO Close
Wed, Dec 20, 2023
Issue Price
₹360 per share
Market Cap (Pre-IPO)
₹1,597.00 Cr
| IPO Date | 18 to 20 Dec, 2023 |
| Listed on | Tue, Dec 26, 2023 |
| Face Value | ₹5 per share |
| Price Band | ₹340 to ₹360 |
| Issue Price | ₹360 per share |
| Lot Size | 41 Shares |
| Sale Type | Fresh capital only |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Total Issue Size | 1,11,11,111 shares (agg. up to ₹400 Cr) |
| Fresh Issue | 1,11,11,111 shares (agg. up to ₹400 Cr) |
| Share Holding Post Issue | 4,43,61,111 shares |
| BSE Script Code / NSE Symbol | 544054 / SURAJEST |
| ISIN | INE843S01025 |
Suraj Estate Developers IPO offers total 1,11,11,111 shares. Out of which 55,55,555 (50.00%) allocated to QIB, 22,22,222 (20.00%) allocated to QIB (Ex- Anchor), 16,66,667 (15.00%) allocated to NII 38,88,889 (35.00%) allocated to RII and 33,33,333 (30.00%) allocated to Anchor investors.
| Investor Category | Shares Offered | Max Allottees |
|---|---|---|
| QIB Shares Offered | 55,55,555 (50.00%) | NA |
| − Anchor Investor Shares Offered | 33,33,333 (30.00%) | NA |
| − QIB (Ex. Anchor) Shares Offered | 22,22,222 (20.00%) | NA |
| NII (HNI) Shares Offered | 16,66,667 (15.00%) | NA |
| − bNII > ₹10L | 11,11,111 (10.00%) | 1,935 |
| − sNII < ₹10L | 5,55,556 (5.00%) | 967 |
| Retail Shares Offered | 38,88,889 (35.00%) | 94,850 |
| Total Shares Offered | 1,11,11,111 (100.00%) |
Investors can bid for a minimum of 41 shares and in multiples thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 41 | ₹14,760 |
| Retail (Max) | 13 | 533 | ₹1,91,880 |
| S-HNI (Min) | 14 | 574 | ₹2,06,640 |
| S-HNI (Max) | 67 | 2,747 | ₹9,88,920 |
| B-HNI (Min) | 68 | 2,788 | ₹10,03,680 |
Suraj Estate Developers IPO raises ₹120.00 crore from anchor investors. Suraj Estate Developers IPO Anchor bid date is December 15, 2023.
📝 Anchor Investors Letter (PDF)
| Bid Date | Fri, Dec 15, 2023 |
| Shares Offered | 33,33,333 |
| Anchor Portion (₹ Cr.) | 120.00 |
| Anchor lock-in period end date for 50% shares (30 Days) | Sat, Jan 20, 2024 |
| Anchor lock-in period end date for remaining shares (90 Days) | Wed, Mar 20, 2024 |
Incorporated in 1986, Suraj Estate Developers Limited is a real estate construction company. The company 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% dependent on third-party contractors for the construction services of its Projects.
Suraj Estate Developers Limited has completed forty-two (42) projects in the South-Central Mumbai region.
In addition to the completed projects, the company has thirteen (13) ongoing projects and sixteen (16) upcoming projects.
The company's projects include Suraj Eleganza-II and ICICI Apartments, CCIL Bhavan (Phase-I up to 6th floor) and Tranquil Bay-I, Elizabeth Apartment and Mon Desir, St. Anthony Apartments, Lumiere and Tranquil Bay-II, Brahmsidhhi CHS, Jacob Apartments, Suraj Eleganza-I and Gloriosa Apartments and others.
As of September 30, 2023, the company, together with its subsidiaries, employed 126 permanent employees.
Suraj Estate has developed more than 10 lakh square feet of land in Mumbai. In the residential portfolio, Suraj Estate is present in the "Value Luxury' and "Luxury' segments in various price categories with unit values ranging from Rs. 10.00 million to Rs. 130.00 million.
In the commercial segment, Suraj Estate has built and sold corporate headquarters for institutional clients, namely Saraswat Cooperative Bank Limited (Prabhadevi), National Stock Exchange of India, Union Bank of India and Clearing Corporation of India Limited (Dadar).
| Period Ended | 30 Jun 2023 | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 |
|---|---|---|---|---|
| Assets | 994.73 | 942.58 | 864.00 | 792.00 |
| Total Income | 102.81 | 307.89 | 273.91 | 244.00 |
| Profit After Tax | 14.53 | 32.06 | 26.50 | 6.28 |
| NET Worth | 86.11 | 71.39 | 39.16 | 29.15 |
| Reserves and Surplus | 70.29 | 55.48 | 23.32 | 22.94 |
| Total Borrowing | 598.50 | 593.09 | 638.16 | 600.48 |
| Amount in ₹ Crore | ||||
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Repayment/Prepayment of the aggregate outstanding borrowings of the Company and the Subsidiaries, Accord Estates Private Limited, Iconic Property Developers Private Limited and Skyline Realty Private Limited | 285.00 |
| 2 | Acquisition of land or land development rights | 35.00 |
| 3 | General corporate purposes | 44.73 |
| KPI | |
|---|---|
| ROE | 58.18% |
| ROCE | 21.93% |
| Debt/Equity | 8.31 |
| RoNW | 58.18% |
| PAT Margin | 10.49% |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 10.10 | |
| P/E (x) | 35.64 | 49.81 |
| Promoter Holding | 100% | 74.95% |
| Market Cap | ₹1,597.00 Cr. |
The Suraj Estate Developers IPO is subscribed 16.57 times on December 20, 2023 7:02:00 PM (Day 3). The public issue subscribed 9.85 times in the retail category, 25.74 times in the QIB category, and 20.02 times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category | Subscription (times) | Shares Offered | Shares bid for |
|---|---|---|---|
| QIB | 25.74 | 22,22,222 | 5,72,01,396 |
| NII | 20.02 | 16,66,666 | 3,33,60,757 |
| bNII (bids above ₹10L) | 18.37 | 11,11,110 | 2,04,10,005 |
| sNII (bids below ₹10L) | 23.31 | 5,55,555 | 1,29,50,752 |
| Retail | 9.85 | 38,88,889 | 3,82,86,784 |
| Total | 16.57 | 77,77,777 | 12,88,48,937 |
Total Application : 9,22,986
| # | Issue Expenses | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Fees payable to the BRLMs (including underwriting commission, brokerage and selling commission, as applicable) | 17.76 |
| 2 | Fees payable to the Registrar to the Issue | 0.19 |
| 3 | Fees payable to the other advisors to the Issue (fee payable to a chartered accountants appointed for providing confirmations and certificates for the purpose of the Issue; Anarock for preparing the industry report commissioned by our Company, Priyanka Rajaram Rahate, independent architect for Architect Report and Little & Co., Advocates & Solicitors for certifying the Completed, Upcoming and ongoing, land reserves under the master title certificate) | 1.31 |
| 4 | Commission/processing fee for SCSBs, Sponsor Bank and Bankers to the Issue. Brokerage and selling commission and bidding charges or Members of the Syndicate, Registered Brokers, RTAs and CDPs | 4.50 |
| 5 | Others - Listing fees, SEBI filing fees, upload fees, BSE & NSE processing fees, book building software fees and other regulatory expenses | 1.38 |
| 6 | Printing and stationery | 1.25 |
| 7 | Advertising and marketing expenses | 7.39 |
| 8 | Fees payable to legal counsel | 0.77 |
| 9 | Miscellaneous | 0.88 |
| Price Details | BSE | NSE |
|---|---|---|
| Final Issue Price | ₹360.00 | ₹360.00 |
| Open | ₹343.80 | ₹340.00 |
| Low | ₹323.95 | ₹324.05 |
| High | ₹354.35 | ₹354.45 |
| Last Trade | ₹334.30 | ₹334.50 |
Lead Manager Reports
Suraj Estate Developers IPO is a main-board IPO of 1,11,11,111 equity shares of the face value of ₹5 aggregating up to ₹400 Crores. The issue is priced at ₹360 per share. The minimum order quantity is 41.
The IPO opens on Mon, Dec 18, 2023, and closes on Wed, Dec 20, 2023.
MUFG Intime India Pvt.Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.
Zerodha customers can apply online in Suraj Estate Developers IPO using UPI as a payment gateway. Zerodha customers can apply in Suraj Estate Developers IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in Suraj Estate Developers IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The Suraj Estate Developers IPO opens on Mon, Dec 18, 2023 and closes on Wed, Dec 20, 2023.
Suraj Estate Developers IPO lot size is 41, and the minimum amount required for application is ₹14,760.
You can apply in Suraj Estate Developers IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don't offer banking services. Read more detail about applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.
The finalization of Basis of Allotment for Suraj Estate Developers IPO will be done on Thursday, December 21, 2023, and the allotted shares will be credited to your demat account by Fri, Dec 22, 2023. Check the Suraj Estate Developers IPO allotment status.
The Suraj Estate Developers IPO listing date is on Tue, Dec 26, 2023.
