Suraj Estate Developers Ltd. launched its initial public offering on Monday with an aim of raising Rs 400 crore. The IPO was subscribed 71% on day 1 and 2.42 times on day 2.
The IPO comprises 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:
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 3
The IPO was subscribed 15.65 times as of 7 p.m. on Wednesday.
Institutional investors: 24.31 times
Non-institutional investors: 18.90 times
Retail investors: 9.30 times
Watch The IPO Adda With Suraj Estate Management
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