Suraj Estate Developers IPO is a book built issue of Rs 400.00 crores. The issue is entirely a fresh issue.
Suraj Estate Developers IPO opens for subscription on December 18, 2023 and closes on December 20, 2023. The allotment for the Suraj Estate Developers IPO is expected to be finalized on Thursday, December 21, 2023. Suraj Estate Developers IPO will list on BSE, NSE with tentative listing date fixed as Tuesday, December 26, 2023.
Suraj Estate Developers IPO price bands are yet to be announced.
Iti Capital Ltd and Anand Rathi Securities Limited are the book running lead managers of the Suraj Estate Developers IPO, while Link Intime India Private Ltd is the registrar for the issue.
Refer to Suraj Estate Developers IPO RHP for detailed information.
Suraj Estate Developers IPO Details
| IPO Date | December 18, 2023 to December 20, 2023 |
| Listing Date | [.] |
| Face Value | ₹5 per share |
| Price | [.] to [.] per share |
| Lot Size | |
| Total Issue Size | [.] shares (aggregating up to ₹400.00 Cr) |
| Fresh Issue | [.] shares (aggregating up to ₹400.00 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
| Share holding pre issue | 33,250,000 |
Suraj Estate Developers IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not more than 50.00% of the Net offer |
| Retail Shares Offered | Not less than 35.00% of the Offer |
| NII (HNI) Shares Offered | Not less than 15.00% of the Offer |
Suraj Estate Developers IPO Timeline (Tentative Schedule)
Suraj Estate Developers IPO opens on December 18, 2023, and closes on December 20, 2023.
| IPO Open Date | Monday, December 18, 2023 |
| IPO Close Date | Wednesday, December 20, 2023 |
| Basis of Allotment | Thursday, December 21, 2023 |
| Initiation of Refunds | Friday, December 22, 2023 |
| Credit of Shares to Demat | Friday, December 22, 2023 |
| Listing Date | Tuesday, December 26, 2023 |
| Cut-off time for UPI mandate confirmation | 5 PM on December 20, 2023 |
Suraj Estate Developers IPO Promoter Holding
Mr. Rajan Meenathakonil Thomas is the promoter of the company.
| Share Holding Pre Issue | 100% |
| Share Holding Post Issue |
About Suraj Estate Developers Limited
Incorporated in 1986, 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.
Suraj Estate Developers Limited Financial Information (Restated Consolidated)
Suraj Estate Developers Limited’s revenue increased by 12.41% and profit after tax (PAT) rose by 20.98% between the financial year ending with March 31, 2023 and March 31, 2022.
| Period Ended | 30 Jun 2023 | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 |
| Assets | 994.73 | 942.58 | 864.00 | 792.00 |
| Revenue | 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 |
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 58.18% |
| ROCE | 21.93% |
| Debt/Equity | 8.31 |
| EPS (Rs) | 10.1 |
| RoNW | 58.18% |
Check Suraj Estate Developers IPO Peer Comparison here.
Objects of the Issue (Suraj Estate Developers IPO Objectives)
The company intends to utilize the net proceeds from the issue towards the funding of the following objects:
- Repayment/Prepayment of the aggregate outstanding borrowings of the company and its subsidiaries, Accord Estates Private Limited and Iconic Property Developers Private Limited.
- Acquisition of land or land development rights.
- General corporate purposes.
Suraj Estate Developers Limited Contact Details
Suraj Estate Developers Limited
301, 3rd Floor, Aman Chambers,
Veer Savarkar Marg, Opp. Bengal Chemicals,
Prabhadevi, Mumbai – 400025
Phone: +91 22 2437 7877
Email: suraj@surajestate.com
Website: https://surajestate.com/
Suraj Estate Developers IPO Registrar
Link Intime India Private Ltd
Phone: +91-22-4918 6270
Email: surajestate.ipo@linkintime.co.in
Website: https://linkintime.co.in/mipo/ipoallotment.html