Suraj Estate Developers Limited secures Rs. 120 crores from Anchor Investors ahead of IPO

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Mumbai, December 16,  2023 :  Mumbai based realtor Suraj Estate Developers Limited on Friday collected Rs 120 crore from anchor investors, a day ahead of its initial public offering.

The company has allotted 33.33 lakh equity shares to 11 funds at Rs 360 apiece, which is also the upper end of the price band, according to a circular uploaded on NSE’s website.

The investors who participated in the anchor book include SBI General Insurance Company, Tata MF, 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 maiden public issue, with a price band of Rs. 340 to Rs. 360 per share, will open for subscription on Monday, December 18, 2023 and concludes on Wednesday, December 20, 2023.

The Rs. 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.

Suraj Estate Developers Limited is one of the leading Mumbai-based realtor with a long standing presence of over 36 years and has developed real estate across the residential and commercial sectors in South Central Mumbai region and has residential portfolio located in the markets of Mahim, Matunga, Dadar, Prabhadevi and Parel. The company caters to the discerning clientele across the “value luxury” and “luxury” segments, offering a diverse range of properties with customer centric business model focused on addressing customer requirements in various locations, ticket sizes and configurations.

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

Corporate Comm India (CCI Newswire)