Suraj Estate Developers Limited’s Initial Public Offering (IPO) witnessed strong demand on the final day of bidding, with the subscription reaching 15.59 times the offered shares. The IPO, which had a price band of ₹340-360 per share, received bids for 12,84,20,241 shares against the offered 82,35,293 equity shares, according to data available on the stock exchanges.
Breaking down the subscription data, the Qualified Institutional Buyer Portion was subscribed 24.31 times, the Non-Institutional Investors Portion saw a subscription of 18.89 times, and the Retail Portion was subscribed 9.20 times.
Suraj Estate Developers Limited is a leading Mumbai-based real estate company with over 36 years of experience. The company has played a significant role in developing real estate across residential and commercial sectors in South Central Mumbai, particularly in areas like Mahim, Matunga, Dadar, Prabhadevi, and Parel. Catering to a discerning clientele, the company focuses on the “value luxury” and “luxury” segments, offering a diverse range of properties with a customer-centric business model.
The company’s impressive track record includes the completion of forty-two projects with a developed area exceeding 1,046,543.20 square feet in the South-Central Mumbai region. Additionally, Suraj Estate Developers has thirteen ongoing projects with a developable area of 20,34,434.40 square feet and sixteen upcoming projects with an estimated carpet area of 7,44,149 square feet.
In terms of financial performance, for the fiscal year ending March 31, 2023, the company reported consolidated revenue from operations of Rs 3,05.74 crore, up from Rs 272.72 crore in the previous fiscal year. The increased revenue is attributed to new project launches in the value luxury segment. The company generated a profit of Rs 32.06 crore in the fiscal year 2023, compared to Rs 26.50 crore in the previous fiscal year.
For the three months ending June 30, 2023, Suraj Estate Developers reported revenue from operations of Rs 102.41 crore and a profit after tax of Rs 14.53 crore.
The subscription data reveals strong investor interest across all categories, indicating confidence in Suraj Estate Developers’ growth prospects. The IPO’s success reflects the market’s positive sentiment towards real estate investments and the company’s established position in the industry.
