Suraj Estate Developers lists at 4.5% discount to IPO price on debut

Suraj Estate Developers’ Rs 400 crore IPO was subscribed by 15.65 times, with investors bidding for 12.88 crore shares against the offer size of 82.35 lakh shares.

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Realty firm Suraj Estate Developers Ltd shares opened 4.5 percent lower on debut on December 26 after its initial public offering subscribed nearly 16 times last week.

The stock opened at Rs 343.80 on the BSE and fell 4.5 percent in the opening. At 10.05am, the stock was trading at Rs 335 on the BSE, down 7 percent from its issue price of Rs 360 a share.

Suraj Estate Developers’ Rs 400 crore IPO was subscribed by 15.65 times, with investors bidding for 12.88 crore shares against the offer size of 82.35 lakh shares.

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Owned by Rajan Meenathakonil Thomas and family, the developer recorded 21 percent on-year growth in net profit at Rs 32.06 crore for the year ended March FY23. Its revenue for the quarter stood at Rs 305.7 crore. In the quarter ended June FY24, its net profit stood at Rs 14.53 crore and revenue stood at Rs 102.41 crore.

The real estate developer will use the proceeds to repay debts amounting to Rs 285 crore, and Rs 35 crore will be utilised for the acquisition of land or land development rights in the Mumbai Metropolitan Region. The remaining money will be set aside for general corporate purposes.

Also Read: Suraj Estate Developers to stage a lukewarm debut

Qualified institutional buyers (QIBs) showcased maximum interest as they bid 24.31 times the reserved portion. The quota allotted for retail investors was subscribed 9.30 times while high net-worth individuals (HNIs) picked 18.9 times their assigned portion.

Suraj Estate Developers is among the prominent residential real estate developers, focused primarily on constructing and developing residential and commercial projects in and around South Central Mumbai. The company does not provide any in-house construction services and is 100 percent dependent on third-party contractors for the construction services of its projects.

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