Suraj Estate Developers IPO: Price band fixed at ₹340-360 per share; GMP, issue details, more

Suraj Estate IPO price band: The Suraj Estate Developers IPO price band has been fixed in the range of ₹340 to ₹360 per equity share of the face value of ₹5. The Suraj Estate Developers IPO date of subscription is scheduled for Monday, December 18, and will close on Wednesday, December 20. The allocation to anchor investors for the Suraj Estate Developers IPO is scheduled to take place on Friday, December 15.

The floor price is 68 times the face value of the equity shares, and the cap price is 72 times the face value of the equity shares. The price-to-earnings ratio based on diluted EPS for the financial year 2023 at the floor price is 33.66 times and at the cap price is 35.64 times. The Suraj Estate Developers IPO lot size is 41 equity shares and in multiples of 41 equity shares thereafter.

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Suraj Estate Developers IPO has reserved not more than 50% of the shares in the public issue for qualified institutional buyers (QIB), not less than 15% for non-institutional Institutional Investors (NII), and not less than 35% of the offer is reserved for retail investors.

Tentatively, Suraj Estate IPO basis of allotment of shares will be finalised on Thursday, December 21 and the company will initiate refunds on Friday, December 22, while the shares will be credited to the demat account of allottees on the same day following refund. Suraj Estate Developers shares are likely to be listed on BSE and NSE on Tuesday, December 26. Given that T+3 listing is mandatory as of December 1, 2023, Suraj Estate IPO will list on primary markets this month under this norm.

Suraj Estate Developers IPO details

Suraj Estate IPO comprises a fresh issue of shares of up to ₹400 crore; there is no offer for sale (OFS) component, as per Red Herring Prospectus (RHP).

It is proposed that the net proceeds of the issue be used for the following purposes: acquisition of landorland development rights; general corporate purposes; and repayment/prepayment of the company's and their subsidiaries' outstanding borrowings, Accord Estates Private Limited, Iconic Property Developers Private Limited, and Skyline Realty Private Limited.

The registrar for the Suraj Estate Developers IPO is Link Intime India Private Ltd, and the book running lead managers are ITI Capital Ltd and Anand Rathi Securities Limited.

Suraj Estate Developers Limited is a company that constructs real estate. The company builds properties in the South Central Mumbai area for both residential and commercial use.

As per the company's RHP, its listed peers are Oberoi Realty Limited (with a P/E of 25.63), Sunteck Realty Limited (with a P/E of 4536.00), Keystone Realtors Limited (with a P/E of 70.83), Shriram Properties Limited (with a P/E of 27.42), Mahindra Lifespace Developers Limited (with a P/E of 77.87), DB Realty Limited (with a P/E of -72.09), and Hubtown Limited (with a P/E of 16.16).

Between the financial year ending on March 31, 2023, and March 31, 2022, Suraj Estate Developers Limited saw an increase in revenue of 12.41% and profit after tax (PAT) of 20.98%.

Suraj Estate Developers IPO GMP today

Suraj Estate Developers IPO GMP today or Suraj Estate IPO grey market premium is +51. This indicates Suraj Estate share price were trading at a premium of ₹51 in the grey market, according to investorgain.com.

Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Suraj Estate share price is ₹411 apiece, which is 14.17% higher than the IPO price of ₹360.

'Grey market premium' indicates investors' readiness to pay more than the issue price.

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