IPO

Suraj Estate Developers Limited IPO

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Residential, Commercial Projects

Listed On: Dec 26, 2023 at ₹ 340.0(NSE)

₹ 14760 /41 Shares

Check Allotment

18 Dec, 2023

Open Date

20 Dec, 2023

Close Date

21 Dec, 2023

Allotment Date

26 Dec, 2023

Listing Date
Price Summary

Last Closing

236.00 (-34.44%)

52 Week High

640.05

52 Week Low

217.95

Last Update

19-Dec-2025 3:30 PM
Suraj Estate Developers Limited IPO Issue Details
  • Issue Price ₹340-360 per equity share
  • Face Value ₹5 Per Equity Share
  • Issue Price 11,111,111 shares(aggregating up to ₹400.00 Cr)
  • Listing at BSE, NSE
  • List Price 340.0(NSE)
  • Listing Date 2023-12-26
  • Lead Manager Iti Capital Ltd
    Anand Rathi Securities Limited
  • Registrar Link Intime India Private Ltd
Suraj Estate Developers Limited IPO Details
  • Retail Portion 35% (Number of Retail Applications: 94,851 Approx),
    (Number of S-HNI Applications : 968 Approx),
    (Number of B-HNI Applications : 1,936 Approx)
Suraj Estate Developers Limited IPO Documents
DRHP
RHP
ANCHOR
Suraj Estate Developers Limited IPO Details


The IPO of Suraj Estate Developers Limited is priced at ₹340-360 per equity share, which has a face value of ₹5 Per Equity Share each, IPO bidding starts from Dec 18, 2023 and ends on Dec 20, 2023. The allotment for Suraj Estate Developers Limited IPO will be finalized on Dec 21, 2023. Suraj Estate Developers Limited IPO will be listed on BSE, NSE, with a tentative listing date fixed as Dec 26, 2023. The company shall list its equity shares on the BSE, NSE. Link Intime India Private Ltd is the registrar of the issue.

The book-running lead manager for the IPO is/are Iti Capital Ltd, Anand Rathi Securities Limited.


The Suraj Estate Developers Limited IPO sets its price band at 340-360 for each share. A single application for Suraj Estate Developers Limited IPO must contain at least 41 shares.

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Suraj Estate Developers Limited IPO Subscription Analysis And Details
Retail
9.30x
QIB
24.31x
NII
18.90x
bNII
34.70x
sNII
11.01x
Total
15.65x
As on QIB NII
bNII   sNII 		Retail Total
Shares Offered / Reserved 2,222,222 1,666,666
1,111,110    555,555 		3,888,889 7,777,777
Day 1 18-12-23 05:00 PM
0.12 x 0.28
0.28 x   0.29 x 		1.24 x 0.72 x
Day 2 19-12-23 05:00 PM
0.12 x 2.06
2.58 x   1.79 x 		3.90 x 2.42 x
Day 3 20-12-23 05:00 PM
24.31 x 18.90
34.70 x   11.01 x 		9.30 x 15.65 x
Total No of Applications
9,17,718
Suraj Estate Developers Limited Valuations
Earnings Per Share (EPS) ₹10.1/-
P/E Ratio 35.64
RoNW 58.18%
Net Asset Value (NAV) - As on 31.03.22 ₹N/A
Suraj Estate Developers Limited Company Financials
In Crs.
In Cr.
31-Mar-23 31-Mar-22 31-Mar-21
Assets 942.58 864.00 792.00
Revenue 307.89 273.91 244.00
Profit After Tax 32.06 26.50 6.28
About Suraj Estate Developers Limited Company

Suraj Estate Developers Limited is a real estate construction company with a focus on best-in-class collaborations and client assurance.

The company has over 35 years of experience in developing real estate across the residential and commercial sectors in the South Central Mumbai region. Suraj has developed over 10 lakh square feet of land in Mumbai. In the residential portfolio, Suraj is present across the value luxury and luxury segments across multiple price points with unit values ranging from ₹10.00 million to ₹130.00 million. In the commercial portfolio, Suraj has constructed and sold built-to-suit corporate headquarters to institutional clientele namely, Saraswat Cooperative Bank Limited (Prabhadevi), National Stock Exchange of India, Union Bank of India, and Clearing Corporation of India Limited (Dadar). The company has built more than 40 projects across residential and commercial segments in Mumbai.

From 2016 to 2023 (Q1), the company has launched 15 residential projects out of which 13 projects (~87%) are redevelopment 178 projects. As of March 31, 2023, Suraj has redeveloped houses for more than 1,011 tenants free of cost under regulation 33(7) of the Development Control and Promotion Regulation, 2034 (DCP Regulations). As of May 31, 2023, the company has completed 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 11 Ongoing Projects with a developable area of 1,714,962.03 square feet, and saleable RERA carpet area of 497,774 square feet, and 21 Upcoming Projects with an estimated carpet area of 843,192 square feet.

Suraj Estate Developers was awarded Best Developer of the Year - Residential at the CNN-News18 Real Estate & Business Excellence Awards in Mumbai, on February 2, 2020.

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Suraj Estate Developers Limited - Promoter(s)

Mr. Rajan Meenathakonil Thomas

Pre Issue Share Holding : 100%

Post Issue Share Holding : 74.95%

Suraj Estate Developers Limited IPO - Issue Objectives
1

Repayment/Prepayment of the aggregate outstanding borrowings of the company and its subsidiaries, Accord Estates Private Limited and Iconic Property Developers Private Limited.

2

Acquisition of land or land development rights.

3

General corporate purposes

Suraj Estate Developers Limited IPO - Anchor Investors

Suraj Estate Developers IPO: Anchor investors pick Rs 120 cr of shares.

A total of 10 institutional investors invested in the company via anchor book including SBI General Insurance Company, Tata Housing Opportunities Fund, Aditya Birla Sun Life AMC, LC Pharos Multi-Strategy Fund VCC, ITI Flexi Cap Fund and Meru Investment Fund PCC-Cell 1.

BNP Paribas Financial Markets, Societe Generale-ODI, Quantum-State Investment Fund, and IEGFL-Multi Opportunity also participated in the anchor book.