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Suraj Estate Developers IPO is a book built issue of Rs 400.00 crores. The issue is entirely a fresh issue of 1.11 crore shares.
Suraj Estate Developers IPO bidding started from December 18, 2023 and ended on December 20, 2023. The allotment for Suraj Estate Developers IPO was finalized on Thursday, December 21, 2023. The shares got listed on BSE, NSE on December 26, 2023.
Suraj Estate Developers IPO price band is set at ₹340 to ₹360 per share. The minimum lot size for an application is 41 Shares. The minimum amount of investment required by retail investors is ₹14,760. The minimum lot size investment for sNII is 14 lots (574 shares), amounting to ₹206,640, and for bNII, it is 68 lots (2,788 shares), amounting to ₹1,003,680.
Iti Capital Ltd and Anand Rathi Securities Limited are the book running lead managers of the Suraj Estate Developers IPO, while Link Intime India Private Ltd is the registrar for the issue.
Refer to Suraj Estate Developers IPO RHP for detailed information.
| IPO Date | December 18, 2023 to December 20, 2023 |
| Listing Date | December 26, 2023 |
| Face Value | ₹5 per share |
| Price Band | ₹340 to ₹360 per share |
| Lot Size | 41 Shares |
| Total Issue Size | 11,111,111 shares (aggregating up to ₹400.00 Cr) |
| Fresh Issue | 11,111,111 shares (aggregating up to ₹400.00 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
| Share holding post issue | 44,361,111 |
Suraj Estate Developers IPO offers 11,111,110 shares. 2,222,222 (20.00%) to QIB, 1,666,666 (15.00%) to NII, 3,888,889 (35.00%) to RII and 3,333,333 (30.00%) to Anchor investors. 94,850 RIIs will receive minimum 41 shares and 967 (sNII) and 1,935 (bNII) will receive minimum 574 shares. (in case of oversubscription)
| Investor Category | Shares Offered | Maximum Allottees |
|---|---|---|
| Anchor Investor Shares Offered | 3,333,333 (30.00%) | NA |
| QIB Shares Offered | 2,222,222 (20.00%) | NA |
| NII (HNI) Shares Offered | 1,666,666 (15.00%) | |
| bNII > ₹10L | 1,111,110 (10.00%) | 1,935 |
| sNII < ₹10L | 555,555 (5.00%) | 967 |
| Retail Shares Offered | 3,888,889 (35.00%) | 94,850 |
| Total Shares Offered | 11,111,110 (100%) |
Suraj Estate Developers IPO raises Rs 120.00 crore from anchor investors. Suraj Estate Developers IPO Anchor bid date is December 15, 2023. Suraj Estate Developers IPO Anchor Investors list
| Bid Date | December 15, 2023 |
| Shares Offered | 3,333,333 |
| Anchor Portion Size (In Cr.) | 120.00 |
| Anchor lock-in period end date for 50% shares (30 Days) | January 20, 2024 |
| Anchor lock-in period end date for remaining shares (90 Days) | March 20, 2024 |
Suraj Estate Developers IPO opens on December 18, 2023, and closes on December 20, 2023.
| IPO Open Date | Monday, December 18, 2023 |
| IPO Close Date | Wednesday, December 20, 2023 |
| Basis of Allotment | Thursday, December 21, 2023 |
| Initiation of Refunds | Friday, December 22, 2023 |
| Credit of Shares to Demat | Friday, December 22, 2023 |
| Listing Date | Tuesday, December 26, 2023 |
| Cut-off time for UPI mandate confirmation | 5 PM on December 20, 2023 |
Investors can bid for a minimum of 41 shares and in multiples thereof. The below table depicts the minimum and maximum investment by retail investors and HNI in terms of shares and amount.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 41 | ₹14,760 |
| Retail (Max) | 13 | 533 | ₹191,880 |
| S-HNI (Min) | 14 | 574 | ₹206,640 |
| S-HNI (Max) | 67 | 2,747 | ₹988,920 |
| B-HNI (Min) | 68 | 2,788 | ₹1,003,680 |
| Lot Size Calculator | |||
Mr. Rajan Meenathakonil Thomas is the promoter of the company.
| Share Holding Pre Issue | 100% |
| Share Holding Post Issue | 74.95% |
Incorporated in 1986, Suraj Estate Developers Limited is a real estate construction company. The company develops residential and commercial real estate in the South Central Mumbai region.
The company does not provide any in-house construction services and is 100% dependent on third-party contractors for the construction services of its Projects.
Suraj Estate Developers Limited has completed forty-two (42) projects in the South-Central Mumbai region.
In addition to the completed projects, the company has thirteen (13) ongoing projects and sixteen (16) upcoming projects.
The company's projects include Suraj Eleganza-II and ICICI Apartments, CCIL Bhavan (Phase-I up to 6th floor) and Tranquil Bay-I, Elizabeth Apartment and Mon Desir, St. Anthony Apartments, Lumiere and Tranquil Bay-II, Brahmsidhhi CHS, Jacob Apartments, Suraj Eleganza-I and Gloriosa Apartments and others.
As of September 30, 2023, the company, together with its subsidiaries, employed 126 permanent employees.
Suraj Estate has developed more than 10 lakh square feet of land in Mumbai. In the residential portfolio, Suraj Estate is present in the "Value Luxury' and "Luxury' segments in various price categories with unit values ranging from Rs. 10.00 million to Rs. 130.00 million.
In the commercial segment, Suraj Estate has built and sold corporate headquarters for institutional clients, namely Saraswat Cooperative Bank Limited (Prabhadevi), National Stock Exchange of India, Union Bank of India and Clearing Corporation of India Limited (Dadar).
Suraj Estate Developers Limited's revenue increased by 12.41% and profit after tax (PAT) rose by 20.98% between the financial year ending with March 31, 2023 and March 31, 2022.
| Period Ended | 30 Jun 2023 | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 |
| Assets | 994.73 | 942.58 | 864.00 | 792.00 |
| Revenue | 102.81 | 307.89 | 273.91 | 244.00 |
| Profit After Tax | 14.53 | 32.06 | 26.50 | 6.28 |
| Net Worth | 86.11 | 71.39 | 39.16 | 29.15 |
| Reserves and Surplus | 70.29 | 55.48 | 23.32 | 22.94 |
| Total Borrowing | 598.50 | 593.09 | 638.16 | 600.48 |
| Amount in ₹ Crore | ||||
The market capitalization of Suraj Estate Developers IPO is Rs 1597 Cr.
| KPI | Values |
|---|---|
| ROE | 58.18% |
| ROCE | 21.93% |
| Debt/Equity | 8.31 |
| RoNW | 58.18% |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 10.1 | |
| P/E (x) | 35.64 | 49.81 |
The company intends to utilize the net proceeds from the issue towards the funding of the following objects:
[Dilip Davda] SEDL specialized in regulation 33(7) of DCPR. It has earned name and fame with prestigious projects like ICICI Apartments, NEAT House, Saraswat Bank Bhavan, CCIL Bhavan, etc. and has also created a niche place in redevelopment of chawl, societies and private properties. It has posted steady growth for the reported periods and the management is confident of repeating the same with the work on hand and the land parcel bank. Based on FY24 annualized earnings, the issue appears fully priced. Investors may park funds for the medium to long term rewards. Read detail review...
The Suraj Estate Developers IPO is subscribed 16.57 times on December 20, 2023 7:02:00 PM. The public issue subscribed 9.85 times in the retail category, 25.74 times in the QIB category, and 20.02 times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category | Subscription (times) |
|---|---|
| QIB | 25.74 |
| NII | 20.02 |
| bNII (bids above ₹10L) | 18.37 |
| sNII (bids below ₹10L) | 23.31 |
| Retail | 9.85 |
| Total | 16.57 |
Total Application : 922,986 (9.73 times)
| Listing Date | December 26, 2023 |
| BSE Script Code | 544054 |
| NSE Symbol | SURAJEST |
| ISIN | INE843S01025 |
| Final Issue Price | ₹360 per share |
| Price Details |
|---|
| Final Issue Price |
| Open |
| Low |
| High |
| Last Trade |
| BSE |
|---|
| ₹360.00 |
| ₹343.80 |
| ₹323.95 |
| ₹354.35 |
| ₹334.30 |
| NSE |
|---|
| ₹360.00 |
| ₹340.00 |
| ₹324.05 |
| ₹354.45 |
| ₹334.50 |
Suraj Estate Developers Limited
301, 3rd Floor, Aman Chambers,
Veer Savarkar Marg, Opp. Bengal Chemicals,
Prabhadevi, Mumbai - 400025
Phone: +91 22 2437 7877
Email: suraj@surajestate.com
Website: https://surajestate.com/
Link Intime India Private Ltd
Phone: +91-22-4918 6270
Email: surajestate.ipo@linkintime.co.in
Website: https://linkintime.co.in/initial_offer/public-issues.html
Suraj Estate Developers IPO is a main-board IPO of 11,111,111 equity shares of the face value of ₹5 aggregating up to ₹400.00 Crores. The issue is priced at ₹340 to ₹360 per share. The minimum order quantity is 41 Shares.
The IPO opens on December 18, 2023, and closes on December 20, 2023.
Link Intime India Private Ltd is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.
Zerodha customers can apply online in Suraj Estate Developers IPO using UPI as a payment gateway. Zerodha customers can apply in Suraj Estate Developers IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in Suraj Estate Developers IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The Suraj Estate Developers IPO opens on December 18, 2023 and closes on December 20, 2023.
Suraj Estate Developers IPO lot size is 41 Shares, and the minimum amount required is ₹14,760.
You can apply in Suraj Estate Developers 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. Read more detail about apply IPO online through Zerodha, Upstox, 5Paisa, Nuvama, ICICI Bank, HDFC Bank and SBI Bank.
The finalization of Basis of Allotment for Suraj Estate Developers IPO will be done on Thursday, December 21, 2023, and the allotted shares will be credited to your demat account by Friday, December 22, 2023. Check the Suraj Estate Developers IPO allotment status.
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PAT 17 cr vs 14.5 cr in June quarter
So QoQ is good.
Also 6 month ending PAT is alone 31.5 cr vs Whole year PAT 32 cr of last FY23.
So FY 24 would be growth minimum 80-100% compared to FY23
Plus 400 cr Fully fresh IPO is used for repayment of borrowing and capex so future results would be better as less interest cost.
Q4 would be blockbuster as huge borrowing will be reduced and intrest cost would be lesser.
I don't find risk in holding it currently as downside is minimum and could perform like signature global...
Though Take your own decision accordingly