Crow Verdict: Suraj Estate Developers looks like any other realtor focusing on South Mumbai luxury apartments. But I see that it outsources construction and planning, making it basically a "contractor" and not an "ideator". Not too fancy business model and history is mid. Can't compare with Macrotech or Oberoi due to their wider stronghold across cities. The issue reminds me of Singatureglobal, also due to the high asking price. Since general interest is low in this IPO, I may risk it and try to secure 1 retail lot if QIB crosses 15x.
Crow's skin in the game: Will secure 1 retail lot if QIB crosses 15x.
Crow's last NEUTRAL recommendation: Fedbank Financial (-1% listing and currently up 5%).
Always in restraint of Mrs. Crow.