Suraj Estate Developers Ltd. launched its initial public offering on Monday with an aim of raising Rs 400 crore. The IPO was subscribed 2.42 times on day 1.
The IPO will comprise a fresh issue of 1.11 crore shares. There is no offer for sale. The price band has been fixed between Rs 340 and Rs 360 per share.
Issue Details
Issue opens: Dec. 18.
Issue closes: Dec. 20.
Face value: Rs 5 per share.
Price band: Rs 340–360 per share.
Lot size: 41 shares.
Fresh issue size: Rs 400 crore.
Total issue size: Rs 400 crore.
Issue type: Book-building process.
Listing: BSE and NSE.
Use of Proceeds
The company will use the net proceeds of the IPO for the following purposes:
Repayment of outstanding borrowings of the company and its subsidiaries, Accord Estates Pvt., Iconic Property Developers Pvt. and Skyline Realty Pvt.
Acquisition of land or land development rights.
General corporate purposes.
Subscription Status: Day 2
The IPO was subscribed 2.42 times as of 5:00 p.m. on Tuesday.
Institutional investors: 0.12 times
Non-institutional investors: 2.06 times
Retail investors: 3.90 times
Watch The IPO Adda With Suraj Estate Management
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