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Suraj Estate Developers Ltd

Suraj Estate Developers Ltd IPO opened on 18 Dec 2023 and closed on 20 Dec 2023, with a price band of ₹360–₹360 per share. The IPO had a lot size of 41 shares, requiring a minimum investment of ₹14,760 per lot at the upper price band. The issue size was ₹400 crore, and the shares get listed on 26 Dec 2023.

Suraj Estate Developers Ltd IPO Details

Listing Date

26 Dec 2023

Bid Price

₹360 - ₹360

Lot Size

41 Shares

Minimum Investment

₹14,760 / Lot

Issue Size

₹400 Cr

Key Dates to Track

    Here are the important dates you need to know in order to participate in this IPO

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Offer Start Date

18th Dec

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Offer End Date

20th Dec

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Allotment Date

21st Dec

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Refund Initiation

22nd Dec

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Demat Transfer

22nd Dec

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Listing Date

26th Dec

Suraj Estate Developers Ltd Shareholding Pattern

  Pre-Issue Post-Issue
Promoter Group 82.05% 61.5%
Public Group 17.95% 38.5%

Suraj Estate Developers Ltd IPO Reservation

QIB Shares Offered 22,22,222 (20%)
NII (HNI) Shares Offered 16,66,666 (15%)
Retail Shares Offered 38,88,889 (35%)
Anchor Investor Shares Offered 33,33,334 (30%)
Total Shares Offered 1,11,11,111
Total Shares With Anchor Investor 1,11,11,111

Suraj Estate Developers Ltd IPO Lot Size

Application Lots Shares Amount
Retail (Min) 1 41 ₹14,760
Retail (Max) 13 533 ₹1,91,880
S HNI (Min) 14 574 ₹2,06,640
S HNI (Max) 67 2,747 ₹9,88,920
B HNI (MIN) 68 2,788 ₹10,03,680

Suraj Estate Developers Ltd IPO registrar

MUFG Intime India Pvt Ltd
Phone Number +91 22 49186200
Email Id surajestate.ipo@linkintime.co.in
Website www.linkintime.co.in

Suraj Estate Developers Ltd IPO Lead Manager

1. ITI Capital Ltd

2. Anand Rathi Advisors Ltd

Suraj Estate Developers Ltd Financial Information

March 31, 2024 March 31, 2023 March 31, 2022
Net Worth ₹516.19 Cr ₹71.39 Cr ₹39.16 Cr
Reserves and Surplus ₹494.76 Cr ₹55.52 Cr ₹23.29 Cr
Total Borrowing ₹425.62 Cr ₹593.09 Cr ₹638.16 Cr

Strength of Suraj Estate Developers Ltd

  • The Company has established brand with a long standing presence in Value Luxury Segment and Luxury Segment in the residential real estate market of South Central Mumbai region;
  • The Company has diversified portfolio encompassing product offerings across various price points in value luxury and luxury segments;
  • The Company has expertise in tenant settlement in the redevelopment projects in residential sub-markets of Mahim, Matunga, Dadar, Prabhadevi, and Parel;
  • Its marketing and sales strategies
  • The Company has an experienced promoter and management team with its Chairperson and Managing Director who is also its Promoter, having over thirty six (36) years of experience in various aspects of real estate business.

Risks Involved

  • Its business is dependent on the performance of, and the conditions affecting, the real estate sub markets in the South-Central Mumbai region. As of October 31, 2023, the company did not have any ongoing projects in any other areas apart from South Central Mumbai. Consequently, the company is exposed to risks from economic, regulatory and other changes as well as natural disasters in the South Central Mumbai region, which in turn may have an adverse effect on its business, results of operations, cash flows and financial condition.
  • Any uncertainty in its title to the company real estate assets could have a material adverse impact on its current and future revenue.
  • Its redevelopment projects require compliance of the provisions of Regulation 33(7) of the Development Control and Promotion Regulation, 2034. The compliance inter alia involves tenant settlement, approvals from MHADA & MCGM, construction of the tenant and saleable portion units.
  • Its Inability to complete the company Ongoing Projects and Upcoming Projects by their respective expected completion dates or at all could have a material adverse effect on its business, results of operations and financial condition.
  • As of October 31, 2023, the company has total 216 unsold units in its Ongoing Projects. If its not able to sell the company project inventories in a timely manner, then it may adversely affect its business, results of operations and financial condition.
  • As of October 31, 2023, the company had 16 Upcoming Projects which are in the preliminary stages of planning and require approvals and renewals of certain approvals from Brihan mumbai Municipal Corporation for its projects that are typically valid for one year from the date of approval. Any difficulties in fulfilling certain conditions precedent in respect of those projects, and any delay or failure to obtain required approvals or renewal of approvals may require it to reschedule its Ongoing Projects and Upcoming Projects which may have adverse effect on its operations. Further, the Company has to stop the construction activity in the event of withdrawal of such licenses/approval.
  • Its business is subject to seasonality and its may experience difficulties in expanding the company's business into additional geographical markets including MMR region which may contribute to fluctuations in its results of operations and financial condition.
  • The industry in which its operate is competitive and highly fragmented resulting in increased competition that may adversely affect its results.
  • Any negative cash flows in the future would adversely affect its cash flow requirements, which may adversely affect the company's ability to operate its business and implement its growth plans, thereby affecting its financial condition.
  • Its Statutory Auditors have included certain matters of emphasis in the company's Financial Statements.
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Frequently Asked Questions

What is Suraj Estate Developers Ltd IPO?

Answer Field

Suraj Estate Developers Ltd IPO is a Mainboard IPO of 1,11,11,111 equity shares of a face value of ₹5 aggregating up to ₹400 Crores. The issue is priced at ₹360 to ₹360 per share. The minimum order quantity is 41 Shares. The IPO opens on December 18, 2023, and closes on December 20, 2023. MUFG Intime India Pvt Ltd is the registrar for the IPO. The shares are proposed to be listed on BSE,NSE.

When Suraj Estate Developers Ltd IPO will open?

Answer Field

The Suraj Estate Developers Ltd IPO opens on December 18, 2023 and closes on December 20, 2023.

What is the lot size of Suraj Estate Developers Ltd?

Answer Field

Suraj Estate Developers Ltd lot size is 41 shares, and the minimum amount required is ₹14,760.

How to apply for Suraj Estate Developers Ltd IPO?

Answer Field

You can apply in Suraj Estate Developers Ltd IPO online using either UPI or ASBA as payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO application is offered by brokers who don't offer banking services. To apply for an IPO:

  • Login to Bajaj Broking account App/Website & click on IPO
  • Enter the number of lots and price at which you wish to apply.
  • Enter your UPI ID and click on submit. With this, your bid will be placed with the exchange.
  • You will receive a mandate notification to block funds in your UPI app.
  • Approve the mandate request on your UPI and funds will be blocked.

When is Suraj Estate Developers Ltd IPO allotment?

Answer Field

The finalization of Basis of Allotment for Suraj Estate Developers Ltd IPO will be done on December 21, 2023, and the allotted shares will be credited to your demat account by December 22, 2023.

When is Suraj Estate Developers Ltd IPO listing date?

Answer Field

The Suraj Estate Developers Ltd listing date is December 26, 2023.

Who is the registrar of Suraj Estate Developers Ltd IPO?

Answer Field

The registrar of Suraj Estate Developers Ltd IPO is MUFG Intime India Pvt Ltd

Which company is the book-running lead manager of the IPO?

Answer Field

ITI Capital Ltd,Anand Rathi Advisors Ltd will be the book-running lead manager of this IPO.

What is the fresh issue of Suraj Estate Developers Ltd IPO?

Answer Field

The fresh issue size is ₹400 Crores equity shares.

What minimum lot size can retail subscribers subscribe to Suraj Estate Developers Ltd?

Answer Field

Retail investors can subscribe to a minimum of one lot, 41 shares and ₹14,760 amount.

How can I approve the UPI mandate request for Suraj Estate Developers Ltd IPO?

Answer Field

To apply for Suraj Estate Developers Ltd IPO, you need to log in to your demat account to complete the bidding process. Then, approve the payment mandate on your UPI app.

What is the price range of Suraj Estate Developers Ltd?

Answer Field

The price of each Suraj Estate Developers Ltd share will be ranging in between ₹360 to ₹360 per share.

What is the cut-off time for the UPI mandate for Suraj Estate Developers Ltd IPO?

Answer Field

The cut-off time for the UPI mandate confirmation is 5:00 PM, December 20, 2023.

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