Suraj Estate Developers IPO – Review, Bid, Size, Allotment, Subscription, GMP & RHP
Last Updated Date: Dec 22, 2023Suraj Estate Developers Limited is one of the two leading developers and has been in the business of Real Estate since 1986.
The company is also ranked third in terms of absorption for the residential sub-markets of Mahim, Matunga, Dadar, Prabhadevi, and Parel in the South Central Mumbai Region.
The entity is firming to mop up funds worth Rs. 400.00 crore with the Suraj Estate Developers IPO. The IPO consists of a Fresh Issue of Equity Shares.
Suraj Estate Developers IPO Review will guide you to judge the IPO more closely with all the details.
| Face Value | Rs 5 |
| Price Band | Rs 340 to Rs 360 |
| Listing At | BSE, NSE |
| Min. Order Quantity | 41 Shares |
| Listing Date | December 26, 2023 |
| Offer for Sale | NA |
| Fresh Issue | Rs.400.00 crore |
| IPO Size | Rs.400.00 crore |
| Tick Size | 1 |
Suraj Estate Developers IPO Overview
Suraj Estate Developers IPO will be a Fresh Issue aggregating up to Rs. 400.00 crores. The company has filed the DRHP with SEBI to seek its approval for launching the IPO in the market and listing the equity shares on the stock exchange.
The IPO does not have any Offer for Sale offer, and therefore, no promoter or investor will be offloading or taking the exit from the company through the IPO route.
Suraj Estate Developers IPO Important Dates
| Events | Date |
| IPO Opening Date | December 18, 2023 |
| IPO Closing Date | December 20, 2023 |
| Basis of Allotment Finalization | December 21, 2023 |
| Refunds Initiation | December 22, 2023 |
| Credit of Shares to Demat Account | December 22, 2023 |
| Share Listing Date | December 26, 2023 |
The preliminary papers for the IPO of Suraj Estate Developers were filed with the Securities and Exchange Board of India on March 7th, 2022. After obtaining the SEBI nod, the company will reveal the Suraj Estate Developers IPO Dates.
Issue opening date and issue closing date will be elaborated on in the Red Herring Prospectus.
Suraj Estate Developers IPO Price, Size, Share Offerings
| Face Value | Rs.5 |
| Price Band | Rs 340 to Rs 360 |
| Offer for Sale | NA |
| Fresh Issue | Rs.400.00 crore |
| IPO Size | Rs.400.00 crore |
Suraj Estate Developer’s IPO Size will comprise equity shares aggregating up to Rs. 400.00 crores.
The company will determine the Suraj Estate Developers IPO Price through the Book Building Process in consultation with book-running lead Managers of the issue.
The face value of the shares is Rs. 5 each. The offered shares through the IPO are proposed to be listed on BSE and NSE.
Suraj Estate Developers IPO Grey Market Premium
| Date | GMP (Rs.) | Kostak Rate (Rs.) | Subject to Sauda (Rs.) |
| 22 Dec 2023 | Rs 25 | NA | NA |
| 21 Dec 2023 | Rs 70 | NA | Rs 2000 |
| 19 Dec 2023 | Rs 70 | NA | Rs 2000 |
| 18 Dec 2023 | Rs 70 | NA | Rs 2000 |
| 17 Dec 2023 | Rs 65 | NA | Rs 2000 |
| 14 Dec 2023 | Rs 55 | NA | Rs 1700 |
| 13 Dec 2023 | NA | NA | NA |
| 12 Dec 2023 | NA | NA | NA |
Grey Market is a securities trade marketplace where the trading takes place before listing the shares on the stock exchange. It is an unofficial market and is not regulated by SEBI or other regulatory departments.
Suraj Estate Developers IPO GMP will be available before the IPO is open for the public to subscribe. The IPO dates will be declared post-DRHP approval.
Suraj Estate Developers IPO Subscription Status
| Day / Date | QIB | NII | RII | Total Subscription |
| 1st Day – 18th Dec | 0.13x | 0.30x | 1.37x | 0.78x |
| 2nd Day – 19th Dec | 0.13x | 2.18x | 4.18x | 2.60x |
| 3rd Day – 20th Dec | 0.13z | 3.40x | 4.97x | 3.25x |
| Shares Offered or Net Issue | 2,222,222 | 1,666,666 | 3,888,889 | 7,777,777 |
Subscription is the period where the IPO is open to the public. Here, the investors bid at a price after evaluation within the price band.
Since, in a book-built issue, the exact price of the equity shares is determined after receiving the bids from investors, different investors bid at different prices ranging in between the price band prices.
Suraj Estate Developers IPO Subscription will be reserved for different categories of investors in the following manner – up to 75% of the offer will be reserved for qualified institutional buyers, 15% of the issue will be allocated to non-institutional bidders, and the remaining 10% of the issue will be reserved for allocation to the for individual retail bidders.
Suraj Estate Developers IPO Allotment Status
The Suraj Estate Developers IPO Allotment Basis has not been determined. After the IPO is closed for public subscription, the company undertakes the allotment process.
The company allows shares to the successful bidders in the allotment process. The procedure is online, and the shares are transferred to the Demat accounts of the bidders.
Suraj Estate Developers IPO Live Performance
Check out the Suraj Estate Developers’ IPO Performance from anywhere and at any time. Stay up top with the ongoing Suraj Estate Developers IPO Price.
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Suraj Estate Developers – Company Review
The company establishes in a private limited company, “Suraj Estate Developers Private Limited,” in 1986.
Later, in October 2021, the company was converted to a public limited company, and subsequently, its name was changed from Suraj Estate Developers Private Limited to Suraj Estate Developers Limited.
The company specializes in residential and commercial development. It majorly operates in the South Central Mumbai region.
The projects generally undertaken by Suraj Estate Developers fall in the luxury and value luxury segment, and they range between Rs. 1 crore to Rs. 13 crore.
Products or Services
Suraj Estate Developers is a real estate company that offers residential and commercial development.
They have been in business for over 35 years and have gained immense experience in their work. They rank as one of the leading developers regarding the number of units. Also, they operate in the Prabhadevi, Matunga, Parel, Mahim, and Dadar markets.
Suraj Estate Developers initiated over 14 residential projects between 2016 and 2021, out of which 12 are redevelopment projects.
They have institutional clients like Clearing Corporation of India (Dadar) and Saraswat Cooperative Bank (Prabhadevi).
Promoters and Holding
The Promoter of Suraj Estate Developers Limited is Rajan Meenathakonil Thomas.
The management of the company consists of:
- Rajan Meenathakonil Thomas, in the position of Chairperson and Managing Director
- Rahul Rajan Jesu Thomas, in the position of Whole-time Director
- Sujatha R. Thomas, in the position of Non-Executive Director
- Mrutyunjay Mahapatra, in the position of Independent Director
- Sunil Pant, in the position of Independent Director
- Satyendra Shridhar Nayak, in the position of Independent Director
- Shreepal Shah, in the position of Chief Financial Officer
- Shivil Kapoor, in the position of Company Secretary
Are Suraj Estate Developers Good for Investment?
Suraj Estate Developers Limited is a renowned name in its region. It ranks among other top entities. It has been a part of various substantial projects and has delivered the best to its customers.
The company follows an ABCD phenomenon where the letter stands for ASSURE, BUILD, COLLABORATE, and DEVELOP. With this, it maintains and delivers the best quality development.
Suraj Estate Developers’ IPO is also a step toward the entity’s success and meeting its long-term goals.
Suraj Estate Developers Financial Statements
| Amount (in INR & Million) | ||||
| 31-Oct-21 | Mar-21 | 31-Mar-20 | 31-Mar-19 | |
| Assets | 8,353.02 | 7,920.01 | 7,097.53 | 5,970.12 |
| Revenue | 1,104.29 | 2,439.98 | 889.44 | 358.09 |
| Expense | 940.59 | 2,349.52 | 866.17 | 336.40 |
| Profit After Tax | 118.95 | 62.77 | 15.16 | 16.23 |
Suraj Estate Developers Limited has resulted in expanding revenues over the years.
The total income of the company in the years 2019, 2020, and 2021 were – 358.09 million, 889.44 million, and 2,439.98 million, respectively.
The company’s profits before tax in 2019, 2020, and 2021 were – 21.69 million, 23.27 million, and 90.46 million, respectively.
In the seven months of the financial year 2021-22, the company clocked a total income of 1,104.29 million from its main operations and other sources, and the profit for the same period stood at 163.70 million.
| Earnings per Equity Share (in Million) | ||||
| 31-Oct-21 | Mar-21 | 31-Mar-20 | 31-Mar-19 | |
| Diluted | 3.75 | 1.98 | 0.48 | 0.51 |
The company has made continuous improvements in the EPS. As of October 31st, 2021, the EPS of Suraj Estate Developers Limited was Rs. 3.75. In the last financial year, the EPS close at Rs. 1.98
Suraj Estate Developers IPO Review
Suraj Estate Developers IPO is entirely a Fresh issue of shares, and none of the company’s investors are selling their shares in the IPO.
The IPO proposes to repay and prepay towards the company’s outstanding borrowings and the acquisition of land for the development.
The company engages in the real estate business and offers both Residential and Commercial developments. The company also engages in built-to-suit corporate headquarters development and distribution projects.
Suraj Estate Developers IPO Details
Here are a few more details you need to know before investing in Suraj Estate Developers IPO –
Suraj Estate IPO Issue Object
Thus, Suraj Estate Developers has proposed diverse objectives for making the IPO offer and some of the objectives are:
- Repayment/Prepayment of the aggregate outstanding borrowings of our Company and our Subsidiaries, Accord Estates Private Limited, Iconic Property Developers Private Limited and Skyline Realty Private Limited;
- Acquisition of land or land development rights; and
- General corporate purposes.
Suraj Estate IPO – Basis of Offer Price
The issue price is determined by the company in consultation with the Lead manager on the basis of the following qualitative and quantitative factors.
Qualitative factors are:
- The established brand has a long-standing presence in the Value Luxury Segment and Luxury Segment in the residential real estate market of South Central Mumbai region;
- Strong expertise in tenant settlement in redevelopment projects;
- Diversified portfolio encompassing product offerings across various price points;
- Strong project pipeline providing near-term cash flow visibility;
- Innovative marketing and sales strategies at a low cost
- Proven track record of efficient execution, project management skills, ability to deliver projects at a competitive cost and within reasonable timelines; and
- Experienced promoters and strong management team;
Quantitative factors are:
| Basic EPS | RONW (%) | NAV (Rs.) | |
| 31-Mar-21 | 1.98 | 21.54 | 45.90 |
| 31-Mar-20 | 0.48 | 6.59 | – |
| Mar-19 | 0.51 | 7.48 | – |
Suraj Estate Developers IPO Lead Managers
Here is the list of Lead managers –
- Centrum Capital Limited
- Anand Rathi Advisors Limited
Suraj Estate IPO Registrar to offer
Check out the details of the registrar here –
Link Intime India Private Limited
C-101, 1st Floor, 247 Park, Lal Bhadur Shastri Marg
Vikhroli (West), Mumbai 400 083
Maharashtra, India
Telephone: +91 22 49186200
Email: surajestate.ipo@linkintime.co.in
Investor grievance e-mail: surajestate.ipo@linkintime.co.in
Website: www.linkintime.co.in
Contact Person: Shanti Gopalkrishnan
SEBI registration number: INR000004058
Suraj Estate Developers IPO – Other Details
- Statutory Auditor – M/s. Bhuwania & Agrawal Associates
- Legal Counsel to the Company – M/s. Crawford Bayley and Co
- Bankers to the Company – Saraswat Co-Operative Bank Limited
Suraj Estate Developers IPO – Conclusion
The Suraj Estate Developers IPO is a good opportunity for investors keen and interested in the sector. The company ranks among the top and has maintained a positive operating flow.
The listing of the shares will further help the company enhance its visibility in the market. Investors are considering investing in the company and adding it to their investment portfolio.
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Suraj Estate Developers IPO Review FAQs
Check out the FAQs on Suraj Estate Developers IPO –
What is the Issue Size of Suraj Estate Developers IPO?
The Company is making an initial public offer of 11,111,111 equity shares. They vividly portray the aspects of the issue in this article. You can check the stats on the fresh issue, Offer for sale, and net issue.
What is the Price band of the Suraj Estate IPO?
The price band for this particular IPO ranges between Rs 340 to Rs 360. As far as the face value of the share is concerned, it is Rs.5 per share.
What is the Suraj Estate Developers IPO Open Date?
The opening and closing dates for this IPO have been updated. The IPO is set to open on December 18, 2023, while the closing date is set at December 20, 2023.
What is the Suraj Estate IPO Allotment Date?
They also have the news regarding the respective allotment dates of this IPO. The basis of Allotment finalization is on December 21, 2023, refund initiation is on December 22, 2023, credit of shares is on December 22, 2023, and share listing date is on December 26, 2023.
What is the Suraj Estate IPO Listing Date?
Shares of this company shall be listed in the exchanges on December 26, 2023. The date, when the listing would be done, is stagnant on December 26, 2023.
Who is the Registrar of Suraj Estate Developers IPO?
One of the reputed registrars is managing the issue of this IPO, i.e. LINK INTIME INDIA PRIVATE LIMITED. Their website will help you regarding the further information you are on the lookout for.
Who is the Promoter of Suraj Estate IPO?
Here are the promoters of this IPO – RAJAN MEENATHAKONIL THOMAS. You can refer to the RHP for further information on the promoter. You will find the link to RHP in the article.
What is the GMP of Suraj Estate Developers IPO?
They have obtained the GMP of this IPO and it is Rs 25. Further insights into the Kostak rate and subject to sauda or SS are also included in this report.
Is Suraj Estate IPO Good for Investment?
They have further provided the financial status of the company in this article, from the past few years.
You can refer to the same, and also check the line of operations they are into and then decide to invest in the IPO.
What is the PAT of Suraj Estate Developers Company?
We have the information on company financials, and according to that, we have the figures from the last few years to provide.PAT for the financial year 2021 in Million is 62.77, 2020 is 15.16, 2019 is 16.23. PAT from Oct 2021 is 118.95.
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