Suraj Estate Developers IPO will open for subscription from 18 December 2023. The company aims for an issue size of ₹400 Cr through this IPO.
Company Overview
| Full name | Suraj Estate Developers Limited |
| Sector | Realty |
| Industry | Construction – Real Estate |
| Company Website | http://www.surajestate.com/ |
About Company
Suraj Estate Developers stands out as a prominent real estate construction firm, emphasizing top-notch partnerships and customer satisfaction. With a rich history spanning more than three decades, the company has extensive expertise in the creation of real estate properties within the residential and commercial domains of South Central Mumbai. Suraj has successfully developed more than one million square feet of land in Mumbai.
Within its residential portfolio, Suraj Estate is present in both the ‘value luxury’ and ‘luxury’ segments, catering to various price points with unit values ranging from INR 10.00 million to INR 130.00 million. In the commercial domain, Suraj Estate has successfully developed and sold tailor-made corporate headquarters to institutional clients, including Saraswat Cooperative Bank Limited (located in Prabhadevi) and Clearing Corporation of India Limited (based in Dadar). The company has completed over 40 projects encompassing both residential and commercial sectors in Mumbai.
From 2016 to Q1 2023, Suraj Estate initiated the launch of 15 residential projects, with approximately 87% (13 projects) falling under the category of redevelopment. As of 31 March 2023, the company has successfully provided free-of-cost housing for over 1,011 tenants, adhering to the regulations outlined in Section 33(7) of the Development Control and Promotion Regulation, 2034 (DCP Regulations).
As of 31 May 2023, Suraj has completed 42 projects, covering a developed area exceeding 1,046,543.20 square feet in the South Central Mumbai region. In addition to these completed projects, the company currently has 13 ongoing projects, with a developable area totaling 20,34,434.40 square feet and a saleable RERA carpet area of 609,928 square feet. Furthermore, there are 16 upcoming projects with an estimated carpet area of 744,149 square feet.
The Objectives 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 Developers IPO Timetable
| IPO Opening date | 18 December 2023 |
| IPO Closing | 20 December 2023 |
| Basis of Allotment | 21 December 2023 |
| Initiation Refund | 22 December 2023 |
| Credit to Demat Account | 22 December 2023 |
| Listing Date | 26 December 2023 |
Suraj Estate Developers IPO details
| Issue type | Book Built Issue IPO |
| IPO issue size | ₹400 Cr – 11,111,111 shares |
| Fresh Issue | ₹400 Cr – 11,111,111 shares |
| Offer for sale | Nil |
| Face value | ₹05 per share |
| Price Band | ₹340 to ₹360 per share |
| Lot size | 41 Shares |
| Shareholding pre-issue | 33,250,000 |
| Shareholding post-issue | 44,361,111 |
| Listing Exchange | BSE & NSE |
Suraj Estate Developers IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 41 | ₹14,760 |
| Retail (Max) | 13 | 533 | ₹191,880 |
| S-HNI (Min) | 14 | 574 | ₹206,640 |
| S-HNI (Max) | 67 | 2,747 | ₹988,920 |
| B-HNI (Min) | 68 | 2,788 | ₹1,003,680 |
Suraj Estate Developers IPO Reservation Details
| QIB Shares Offered | 50% |
| NII (HNI) Shares Offered | 15% |
| Retail Shares Offered | 35% |
Suraj Estate Developers Financial Performance
| FY 2021 | FY 2022 | FY 2023 | Q1 FY 2024 | |
| Revenue | 239.99 | 272.72 | 305.74 | 102.41 |
| Expenses | 234.95 | 237.76 | 264.68 | 83.44 |
| Net income | 6.28 | 26.50 | 32.06 | 14.53 |
| Margin (%) | 2.62 | 9.72 | 10.49 | 14.19 |
Suraj Estate Developers Valuations & Margins
| FY 2021 | FY 2022 | FY 2023 | |
| EPS | 1.98 | 8.35 | 10.10 |
| PE ratio | – | – | 33.66 – 35.64 |
| RONW (%) | 23.62 | 77.22 | 58.18 |
| NAV | 45.90 | 12.33 | 22.49 |
| ROCE (%) | 14.51 | 19.42 | 21.93 |
| EBITDA (%) | 36.10 | 48.30 | 49.39 |
| Debt/Equity | 20.60 | 16.29 | 8.31 |
Company Promoters
- Mr. Rajan Meenathakonil Thomas
Promoter Holding
| Pre Issue Share Holding | 100% |
| Post Issue Share Holding | 74.95% |
Suraj Estate Developers IPO Lead Manager(s)
- ITI Capital Ltd
- Anand Rathi Securities Limited
Suraj Estate Developers Registrar
LINK INTIME INDIA PRIVATE LIMITED
C-101, 1st Floor, 247 Park L.B.S. Marg,
Vikhroli West, Mumbai – 400 083, Maharashtra
Telephone: +91 022 4918 6060
Email: surajestate.ipo@linkintime.co.in
Website: www.linkintime.co.in
Suraj Estate Developers Contact Details
SURAJ ESTATE DEVELOPERS LIMITED
301, 3rd Floor, Aman Chambers, Veer Savarkar Marg,
Opp. Bengal Chemicals, Prabhadevi, Mumbai 400025, Maharashtra
Phone: +91 22 2437 7877
Email: suraj@surajestate.com
Website: www.surajestate.com
Suraj Estate Developers IPO Allotment Status
Suraj Estate IPO allotment status will be available on Link Intime’s website. Click on Link Intime IPO weblink to get allotment status.
Final thoughts
Suraj Estate Developers IPO is going to hit Dalal Street soon. applying for an IPO is purely a personal choice. study well about the company and subscribe if you are feeling good about the company. I hope this post will give you enough details to make a fundamental study of the company. learn well and make wise decisions.
Happy Investing
