Suraj Estate Developers Limited’s IPO (initial public offering) opens for subscription on Monday, and Wednesday is the last day to subscribe to the issue. The offering is worth ₹400 crore; i.e., the Mumbai-based real estate firm aims to raise ₹400 crore through the exercise, which it will utilise for various purposes.
The Suraj Estate Developers IPO is among at least seven public issues that will open for bidding this week.
All you need to know about Suraj Estate Developer’s IPO:
GMP: Ahead of the opening, the shares of Suraj Estate Developers are at a premium of ₹70 in grey market today, ₹14 higher than its weakened ₹56 GMP, as per Mint.
Price: The company has fixed the price band of its shares at ₹340-360 per equity share.
Offer details: It consists only of a fresh issue of 1.11 crore shares worth ₹400 crore, and there is no offer-for-sale (OFS) component.
Lot size: One lot will comprise 41 shares and in multiples of 41 thereafter.
Allotment and listing dates: The most likely date for share allocation is December 21 (T+3 listing rule), while the tentative date for stock exchange listing is December 26.
Lead managers: ITI Capital Limited and Anand Rathi Securities Limited; Link Intime India Private Limited (official registrar).
Objectives: With the net proceeds, the real estate developer intends to repay a debt of ₹285 crore, while ₹35 crore will be used to acquire land or land development rights in the Mumbai Metropolitan Region (MMR).
The remaining amount will be set aside for general corporate purposes.
Company profile: Owned by Rajan Meenathakonil Thomas and family, Suraj Estate Developers Limited was incorporated in 1986, and develops residential and commercial properties in Mumbai’s south central region, where it has built 42 projects till now, according to Moneycontrol.