Suraj Estate Developers IPO Price: ₹340 - ₹360
IPO Date Range: Dec 18, 2023 - Dec 20, 2023
Established in 1986, Suraj Estate Developers Limited stands as a stalwart in the realm of real estate construction. Specializing in crafting both residential and commercial properties, the company focuses its expertise on the vibrant landscape of South Central Mumbai.
The company doesn't handle construction in-house; they rely entirely on third-party contractors for their projects. Suraj Estate Developers Limited has successfully finished forty-two (42) projects in South-Central Mumbai. Currently, they're juggling thirteen (13) ongoing projects while gearing up for sixteen (16) upcoming ones.
Their portfolio includes a range of projects like Suraj Eleganza-II, ICICI Apartments, CCIL Bhavan, Tranquil Bay-I, Elizabeth Apartment, St. Anthony Apartments, Lumiere, Tranquil Bay-II, Suraj Eleganza-I, Gloriosa Apartments, and more.
By September 30, 2023, the company and its subsidiaries had a total of 126 permanent employees. Suraj Estate has developed over 10 lakh square feet of land in Mumbai. Their residential projects span the "Value Luxury" and "Luxury" categories, featuring units valued between Rs. 10.00 million and Rs. 130.00 million.
In the commercial sector, Suraj Estate has constructed and sold corporate headquarters to institutional clients like Saraswat Cooperative Bank Limited (Prabhadevi), National Stock Exchange of India, Union Bank of India, and Clearing Corporation of India Limited (Dadar).
| IPO Date | December 18, 2023 to December 20, 2023 |
| Listing Date | Tuesday, December 26, 2023 |
| Face Value | ₹5 per share |
| Price Band | ₹340 to ₹360 per share |
| Lot Size | 41 shares |
| Total Issue Size | 11,111,111 shares (aggregating up to ₹400.00 Cr) |
| Fresh Issue | 11,111,111 shares (aggregating up to ₹400.00 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
| Share holding pre issue | 33,250,000 |
| Share holding post issue | 44,361,111 |
Investors have the option to bid for a minimum of 41 shares, and they can bid in multiples of that number. The table below illustrates the minimum and maximum investments allowed for retail investors and HNIs in both shares and amounts.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 41 | ₹14,760 |
| Retail (Max) | 13 | 533 | ₹191,880 |
| S-HNI (Min) | 14 | 574 | ₹206,640 |
| S-HNI (Max) | 67 | 2,747 | ₹988,920 |
| B-HNI (Min) | 68 | 2,788 | ₹1,003,680 |
| QIB Shares Offered | Not more than 50% of the Net Issue |
| Retail Shares Offered | Not less than 35% of the Net Issue |
| NII (HNI) Shares Offered | Not less than 15% of the Net Issue |
| 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 |
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Suraj Estate Developers Limited experienced a 12.41% rise in revenue and a 20.98% increase in profit after tax (PAT) from the financial year ending March 31, 2022, to March 31, 2023.
| Period Ended | 31 Mar 2021 | 31 Mar 2022 | 31 Mar 2023 | 30 June 2023 |
|---|---|---|---|---|
| Assets | 792 | 864 | 942.58 | 994.73 |
| Revenue | 244 | 273.91 | 307.89 | 102.81 |
| Profit After Tax | 6.28 | 26.50 | 32.06 | 14.53 |
| Net Worth | 29.15 | 39.16 | 71.39 | 86.11 |
| Reserves & Surplus | 22.94 | 23.32 | 55.48 | 70.29 |
| Total Borrowings | 600.48 | 638.16 | 593.09 | 598.50 |
| KPI | Values |
|---|---|
| P/E (x) | 37.33 |
| Post P/E (x) | 49.91 |
| Market Cap (₹ Cr.) | 1597 |
| ROE | 58.18% |
| ROCE | 21.93% |
| Debt/ Equity | 8.31 |
| EPS (Rs) | 10.1 |
| RoNW | 58.18% |
The company plans to use the funds raised from the issue for the following purposes:
Prospectus: Official documents that provide detailed information about the IPO and the company. Suraj Estate Developers IPO DRHP and Suraj Estate Developers IPO RHP.
An IPO, or Initial Public Offering, is the process by which a private company offers its shares to the public for the first time to raise capital.
Companies go public to raise capital for expansion, reduce debt, or for other corporate purposes. It also provides liquidity to existing shareholders.
The price range for the"Suraj Estate Developers Limited" IPO is ₹340 to ₹360 per share.
The "Suraj Estate Developers Limited" IPO is expected to be listed on Tuesday, 26 December 2023.
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