Real estate firm Suraj Estate Developer is set to initiate its inaugural Initial Public Offering (IPO) on December 18, 2023, within a price range of Rs 340 to Rs 360 per equity share. The IPO is scheduled to conclude on December 20, 2023, and comprises a face value of Rs 5 per equity share, constituting an entirely fresh issuance of equity shares totaling Rs 400 crore, with no Offer for Sale (OFS) component.
Interested investors can place bids for a minimum of 41 equity shares, with subsequent bids allowed in multiples of 41 equity shares. The floor price represents 68 times the face value, while the cap price stands at 72 times the face value of the equity share. The anchor book for the issue will open on Friday, December 15.
The net proceeds from the IPO will be allocated towards the repayment and/or prepayment of the aggregate outstanding borrowings of the company and its subsidiaries, namely Accord Estates and Iconic Property Developers. Additionally, funds will be directed towards the acquisition of land or land development rights and general corporate purposes.
Established in 1986 by Rajan Meenathakonil Thomas, Suraj Estate Developers predominantly focuses on the value luxury, luxury and commercial segments in South Central Mumbai’s micro-markets, including Mahim, Dadar, Prabhadevi, Matunga and Parel. The company boasts a track record of 42 completed projects covering a developed area of 1.04 lakh square foot (sqft). Currently, it has 13 ongoing projects with a developable area of 20.34 lakh sqft and saleable carpet area of 6.09 lakh sqft. Furthermore, Suraj Estate Developer has 16 upcoming projects with an estimated carpet area of 7.44 lakh sqft.
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Dhwani is a content management expert with over five years of professional experience. She has authored articles spanning diverse domains, including real estate, finance, business, health, taxation, education and more. Holding a Bachelor’s degree in Journalism and Mass Communication, Dhwani’s interests encompass reading and travelling. She is dedicated to staying updated on the latest real estate advancements in India.
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