Suraj Estate IPO: The initial public offering of real estate firm Suraj Estate Developers Ltd (SEDL), which opened for public subscription on Monday, has closed on Wednesday. Till 03:35 pm on the final day of bidding on Wednesday, the Rs 400-crore IPO has received 13.37 times subscription, garnering bids for 10,39,89,899 shares as against 77,77,777 shares on offer.
The price band of the IPO was fixed at Rs 340-Rs 360 per share. The Suraj Estate Developers IPO allotment will take place on December 21, while its share listing will take place on December 26 on both BSE and NSE.
Suraj Estate IPO: How To Check Allotment Status
Once the IPO allotment is finalised, the status can be checked by following these steps:
1) Go to the official BSE website via the URL —https://www.bseindia.com/investors/appli_check.aspx.
2) Under ‘Issue Type’, select ‘Equity’.
3) Under ‘Issue Name’, select ‘Suraj Estate Developers Limited’ in the dropbox.
4) Enter your application number, or the Permanent Account Number (PAN).
5) Then, click on the ‘I am not a robot’ to verify yourself and hit ‘Search’ option.
Your share application status will appear on your screen.
You can also visit direct Link Intime portal — linkintime.co.in/mipo/ipoallotment.html and check Suraj Estate Developers IPO allotment status.
Suraj Estate IPO GMP Today
According to market observers, unlisted shares of Suraj Estate Developers Ltd continue to trade Rs 25 higher in the grey market as compared with its issue price. The Rs 25 grey market premium or GMP means the grey market is expecting a 6.94 per cent listing gain from the public issue. The GMP is based on market sentiments and keeps changing.
‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
Suraj Estate IPO Details
The Suraj Estate IPO was entirely a fresh issuance of equity shares worth Rs 400 crore with no offer-for-sale (OFS) component. Its price was fixed at Rs 340-Rs 360 per share.
Investors could bid for a minimum of 41 equity shares and in multiples of 41 equity shares thereafter. The minimum amount of investment required by retail investors was Rs 14,760.
Proceeds would be used towards the payment of debt availed by the company and its subsidiaries — Accord Estates and Iconic Property Developers– and the acquisition of land.
Besides, a portion will also be used for general corporate purposes.
Suraj Estate Developers has developed real estates across the residential and commercial sectors in the South Central Mumbai region and has a residential portfolio located in the markets of Mahim, Matunga, Dadar, Prabhadevi, and Parel.
For the financial year ended March 31, 2023, the company’s revenue from operations increased to Rs 305.74 crore from Rs 272.72 crore in the previous fiscal.
Besides, the company’s profit rose to Rs 32.06 crore in 2022-23 as compared to Rs 26.50 crore in the preceding financial year.
ITI Capital and Anand Rathi Advisors are the book-running lead managers to the offer.
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