Suraj Estate Developer opens its IPO offerings from 18th to 20th December 2023

The initial public offering (IPO) of Suraj Estate Developers Limited is opening for subscription on 18th December 2023 and it will remain open till 20th December 2023. This means, Suraj Estate IPO date of subscription will begin on Monday next week and it will end on Wednesday next week. The realty company has fixed Suraj Estate IPO price band at Rs. 340 to Rs. 360 per equity share. It aims to raise Rs. 400 crore from its initial offer via issuance of 11,111,111 fresh shares. 

Suraj Estate IPO is proposed for listing on BSE and NSE and its shares are available for trade in grey market. According to stock market observers, shares of Suraj Estate Developers Limited are available at a premium of Rs.56 in grey market today.

The real estate company has fixed Suraj Estate IPO price band at Rs.340 to Rs.360 per equity share. Accoding to realty experts shares of the company are available at a premium of Rs.56 in grey market today. The company aims to raise Rs. 400 crore from this public issue via issuance of fresh shares. The public issue is proposed for listing on BSE and NSE. The likely date for share listing is 26th December 2023. ITI Capital and Anand Rathi Securities have been appointed as lead managers of this public issue. The Suraj Estate Developers IPO comprises only a fresh issue of shares worth Rs. 400 crore by the company and there is no offer-for-sale component.

The real estate developer will make use of net fresh issue proceeds for repaying debts amounting to Rs. 285 crore, and Rs. 35 crore will be utilised for the acquisition of land or land development rights in the Mumbai Metropolitan Region. The remaining fresh issue money will be set aside for general corporate purposes.