The Initial Public Offering (IPO) of the Suraj Estate Developers Limited is set to open for subscription on 18th December 2023. The Rs 400 crore book-built IPO consists entirely of fresh issue but the price band and the number of shares on offer details are yet to be announced by the Company. It’s a mainline IPO that will be listed on the NSE and BSE on 26th December.
Suraj Estate Developers Limited is a Mumbai-based real estate construction company with over 35 years of experience. The company proposes to use the capital raised from the IPO towards repayment/prepayment of the borrowings, acquisition of land or land development rights and general corporate expenses.
The IPO reserves a minimum 15% and minimum 35% shares of the net offer for the retail investors and NIIs respectively. The QIBs portion should not be more than 50% of the net offer. Link Intime Pvt Ltd is the registrar for the Suraj Estate Developers Limited IPO while Iti Capital Ltd and Anand Rathi Securities Limited are the book running lead managers.
The lot size and lot size details are yet to be announced.
Important dates
| Opening date | 18th December 2023 |
| Closing date | 20th December 2023 |
| Basis of allotment date | 21st December 2023 |
| Initiation of refunds date | 21st December 2023 |
| Credit of shares to Demat Accounts | 22nd December 2023 |
| Listing date | 26th December 2023 |
Company’s finances
The company’s revenue and PAT reported a rise of 12.41% and 20.98% respectively between FY22 to FY23.
- Revenue: The company reported a net revenue of Rs 307.80 crore in FY23 against Rs 273.91 crore in FY22.
- Profit After Tax: The PAT in FY23 was Rs 32.06 crore vs Rs 26.50 crore in FY22.
- Assets: The company’s assets in FY23 were worth Rs 942.58 crore against Rs 864 crore in FY22.
- Net worth: Rs 71.39 crore in FY23, up from Rs 39.16 crore in FY22.
- Reserves and Surplus: Rs 55.48 crore inn FY23 vs Rs 23.32 crore in FY22.
- Total Borrowing: The company reported a total borrowing of Rs 593.09 crore in FY23, down from Rs 638.16 crore in FY22.
The readers can refer to the Suraj Estate Developers Limited RHP filed with SEBI for more details.
