Suraj Estate Developers raises ₹120 crore from anchor investors ahead of IPO

Suraj Estate Developers has garnered over  ₹120 crore from anchor investors on Friday, December 15. The anchor book saw participation from 11 investors, including SBI General lnsurance Company Limited and Tata Housing Opportunities Fund.

The company has allotted 33.33 lakh equity shares to 11 funds at  ₹360 apiece, which is also the upper end of the price band.

Other investors who participated in the anchor book include ITI MF, Aditya Birla Sun Life, Jagdish Master managed Quantum-State Investment Fund, Blue Lotus Capital, Lighthouse Canton, Societe Generale, BNP Paribas and Meru Investment Fund. 

“The IPO Committee of the Company at their respective meeting held on December 1,5,2023, in consultation with the Book Running Lead Managers to the lssue, has finalized allocation of 33,33,333 Equity Shares, to Anchor lnvestors at Anchor lnvestor allocation price of ₹360 per Equity Share (including share premium of ₹355 per Equity Share),” the company said in its exchange filing.

It further added, “Out of the total allocation of 3,333,333 Equity Shares, 555,632 Equity Shares were mutual funds through 2 schemes.”

Suraj Estate Developers IPO details

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 ₹400 -crore initial share sale of Suraj Estate Developers Limited is entirely a fresh issue of 1.11 crore shares. 

Investors can bid for a minimum of 41 equity shares and in multiples of 41 equity shares thereafter. The issue is being made through the Book Building Process, wherein not more than 50% of the issue shall be available for allocation on a proportionate basis to Qualified Institutional Buyers, not less than 15% of the issue shall be available for allocation to Non-Institutional Bidders and not less than 35% of the Issue shall be available for allocation to Retail Individual Bidders.

ITI Capital Limited and Anand Rathi Advisors Limited are the book running lead managers.