Suraj Estate Developers was incorporated on September 10, 1986. The company has a major residential portfolio in Mahim, Dadar, Prabhadevi and Parel, which are sub-markets of the South Central Mumbai micro-market.
| Bidding Dates |
|---|
| 18 Dec 2023 - 20 Dec 2023 |
| Subscription |
|---|
| 15.65x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹13,940 | 1 | 13 | 41 | 11.1 M | ₹340 - ₹360 | 74.95 % | ₹3777.8 M - ₹4000.0 M | RHP DOC |
Suraj Estate IPO SUBSCRIPTION STATUS
20 Dec '23Suraj Estate IPO overall subscription rate was 15.65 times the total available shares
Suraj Estate IPO retail subscription rate was 9.3 times in the retail segment
Suraj Estate IPO non-institutional investor subscription rate was 18.9 times in the non-institutional investor category
Suraj Estate IPO Qualified Institutional Bidder subscription rate was 24.31 times the available shares for Qualified Institutional Bidder
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 35% | 15% | 50% |
20 Dec 2023 (Day 3) | 9.3x | 18.9x | 24.31x |
19 Dec 2023 (Day 2) | 3.89x | 2.05x | 0.12x |
18 Dec 2023 (Day 1) | 1.24x | 0.28x | 0.12x |
Suraj Estate FINANCIALS
| Period | Net Profit (Rs in millions) | Revenue from Operations (Rs in millions) | Cash Flow from Operations (Rs in millions) | Free Cash Flow (Rs in millions) | Margins |
| Q1FY24 | 145.3 | 1,024.1 | 245.1 | 234.7 | 45.6% |
| FY23 | 320.6 | 3,057.4 | 1,885.3 | 1,877.8 | 49.4% |
| FY22 | 265.0 | 2,727.2 | 697.6 | 684.7 | 48.3% |
| FY21 | 62.8 | 2,399.9 | -149.3 | -172.8 | 36.1% |
Suraj Estate IPO SUBSCRIPTION STATUS DETAILS
Suraj Estate had 11.1 M shares on offer
Suraj Estate IPO offer price was in the range ₹340 - ₹360
Suraj Estate IPO minimum Investment was ₹13940
Suraj Estate IPO issue size was ₹ 3777.8 M - ₹ 4000.0 M
Suraj Estate had a minimum lot size of 41 Shares per application
Suraj Estate NUMBER OF SHARES ON OFFER
Suraj Estate IPO IMPORTANT DATES
| Issue Open Date | 18 Dec 2023 |
| Issue close Date | 20 Dec 2023 |
| Allotment Date | 21 Dec 2023 |
| Refund Date | 22 Dec 2023 |
| Demat Account Credit Date | 22 Dec 2023 |
| Listing Date | 26 Dec 2023 |
| Listing on Exchange(s) | NSE and BSE |
| Suraj Estate Allotment Status | Exchange |
Suraj Estate IPO subscription opened on 18 Dec 2023, and closed on 20 Dec 2023
IPO allotment for Suraj Estate was finalized on Thursday, 21 Dec 2023
IPO listing for Suraj Estate was on NSE and BSE on Tuesday, 26 Dec 2023
Suraj Estate IPO LISTING GAINS
| Issue Price (adjusted) | 360.0 |
| Listing Open Price | 340.0 |
| Listing Close Price | 334.5 |
| Listing Gain% | -5.6% |
| Current Gain% | -44.0% |
Suraj Estate Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Suraj Estate Developers Ltd. | 201.6 | 894.4 | 10.7 | -1.1 | 1.7 | 9.1 | 4.6 | 561 | 1.4 | 90.3 | -9.9 | 18.9 | -9.9 |
| DLF Ltd. | 642 | 158915 | 35.7 | -41.3 | 23.5 | 9.7 | 5.9 | 9816 | 9.1 | 4414.7 | 1.1 | 18 | -0.9 |
| Lodha Developers Ltd. | 1218.7 | 121763.9 | 29.5 | 0.8 | 6.7 | 14.7 | 5.8 | 17119.5 | 20.8 | 3428.2 | 24 | 41.3 | 39.2 |
| Prestige Estates Projects Ltd. | 1584.8 | 68262.1 | 59.9 | 0.5 | 5.2 | 7.3 | 1.6 | 13195.5 | 70.6 | 1195.5 | 155.7 | 26.4 | 115.9 |
| Phoenix Mills Ltd. | 1895.5 | 67795.2 | 53 | 1.8 | 14.9 | 11.1 | 5.4 | 4593.6 | 15.9 | 1223.8 | 24.3 | 35.8 | 29 |
| Oberoi Realty Ltd. | 1775 | 64539.4 | 24.5 | 0.9 | 10.2 | 14 | 9.9 | 6304.3 | 15.2 | 2507.4 | 12.7 | 72.3 | 27.5 |
Suraj Estate INFORMATION ON IPO ISSUE
About Suraj Estate
Suraj Estate Developers was incorporated on September 10, 1986. The company has a major residential portfolio in Mahim, Dadar, Prabhadevi and Parel, which are sub-markets of the South Central Mumbai micro-market.
Object of the Issue
- Repayment/prepayment of the aggregate outstanding borrowings of the company and its subsidiaries, Accord Estates Private Limited and Iconic Property Developers Private Limited
- Acquisition of land or land development rights
- General corporate purposes
Suraj Estate - PROMOTERS
| Name |
|---|
| Rajan Meenathakonil Thomas |
Suraj Estate Book running lead manager
ITI Capital Limited
ipo.suraj@iticapital.in
Anand Rathi Advisors Limited
sedl.ipo@rathi.com
Suraj Estate Registrar to the offer
Link Intime India Private Limited
surajestate.ipo@linkintime.co.in
Suraj Estate Strengths
Established brand
The company has an established brand with a long-standing presence in the value luxury segment and luxury segment of South Central Mumbai region
Diversified portfolio
The company has a diversified portfolio encompassing product offerings across various price points in value luxury and luxury segments
Strong expertise
The company is one of the market leaders in redevelopment. From 2016 to 2023, it launched 15 residential projects, of which 13 are redevelopment projects
Suraj Estate Risks
Unsold units
The company has a significant number of unsold units among its ongoing projects. As of May 31, 2023, the 11 ongoing projects comprised 635 units, of which 164 remained unsold
Capital intensive
The company's business is capital-intensive and requires significant land acquisition and development expenditure. It is therefore heavily dependent on the availability of real estate financing, which may not be available on terms acceptable to it promptly or at all
Unsecured loans
Certain unsecured loans have been availed by the company, which may be recalled by lenders at any time
IPO FAQs
The promoter of the company is Rajan Meenathakonil Thomas.
The category allocation of qualified institutional buyers is 50.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 35.0%.
The price band of the IPO is Rs 340.0 - 360.0.
The IPO application opens on Dec 18, 2023 and closes on Dec 20, 2023.
The minimum lot size for the IPO is 41. The maximum lot size for the IPO is 533.
For all category investors, the minimum application amount for this IPO is Rs. 13,940.0, the maximum value for this IPO is Rs 191,880.0.
This IPO will be allotted on Dec 21, 2023.
The refund will be credited to your account on Dec 22, 2023.
The allotted shares will be credited to your demat on Dec 22, 2023.
Suraj Estate Developers Ltd.’s shares listed on the stock exchanges on Dec 26, 2023.