Suraj Estate Developers garners Rs 120 crore from anchor investors ahead of IPO, ET RealEstate

December 16, 2023
1 min read
suraj estate developers garners rs 120 crore from anchor investors ahead of ipo

NEW DELHI: Suraj Estate Developers on Friday said it has collected Rs 120 crore from anchor investors ahead of its initial public offering (IPO). The company has allotted 33.33 lakh equity shares to 11 anchor investors at Rs 360 apiece, which is also the upper end of the price band, according to a circular uploaded on the BSE website.

Those who participated in the anchor book include Societe Generale, BNP Paribas Financial Markets, SBI General Insurance Company, Tata Mutual Fund and ITI Mutual Fund.

The initial share sale, with a price band of Rs 340 to Rs 360 per share, will open for public subscription on December 18 and conclude on December 20.

The Mumbai-based company’s IPO is entirely a fresh issuance of equity shares worth Rs 400 crore with no Offer for Sale (OFS) component.

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 be used for general corporate purposes.

Suraj Estate Developers has developed real estate 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 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. The equity shares are proposed to be listed on BSE and NSE.

  • Published On Dec 16, 2023 at 09:40 AM IST

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