Suraj Estate Developers' IPO opening: GMP, issue price, and other information

By Bricksnwall | 2023-12-17

Suraj Estate Developers' IPO opening: GMP, issue price, and other information

Bidding for the public issue, which the corporation is using to raise Rs 400 crore, is open till Wednesday.

The initial public offering (IPO) of Suraj Estate Developers Limited is open for subscription starting on Monday, and subscriptions must be submitted by Wednesday at the latest. The real estate company located in Mumbai hopes to raise 400 crore through the exercise, which it will use for several objectives. The offering has a value of 400 crore.

At least seven public issues, including the Suraj Estate Developers IPO, will go up for bid this week.

Everything you need to know about the IPO of Suraj Estate Developer:

GMP: Before the opening, Suraj Estate Developers' shares were already trading at a premium of ?70 on the grey market, ?14 more than their weaker ?56 GMP, according to Mint.

Price: ?340?360 per equity share is the price range that the corporation has set for its shares.

Offer details: There is no offer-for-sale (OFS) component; the offer is limited to a new issue of 1.11 crore shares at a value of ?400 crore.

Lot size: There will be 41 shares in a single lot, and then additional lots of 41 shares each.

Dates of allocation and listing: December 21 (T+3 listing rule) is the most probable date for share allocation, while December 26 is the preliminary date for stock exchange listing.

Lead managers: Link Intime India Private Limited (official registrar); Anand Rathi Securities Limited; and ITI Capital Limited.

Goals: Using the net profits, the real estate developer plans to pay off a ?285 crore debt and utilize another ?35 crore to purchase land or the right to develop land in the Mumbai Metropolitan Region (MMR).

The remaining sum will be reserved for general business needs.

Profile of the company: Suraj Estate Developers Limited, owned by Rajan Meenathakonil Thomas and his family, was established in 1986 and specialises in the development of commercial and residential properties in the south-central district of Mumbai. To date, the company has completed 42 projects in this area.

Similar News


Enquire Now