Driving Naari Programme launched in Chandigarh
The Mumbai-based real estate developer Suraj Estate made a weak debut on the stock exchanges BSE and NSE on Tuesday, December 26. On BSE, Suraj Estate listed at ₹343.8 apiece against the issue price of ₹340 – ₹ 360 . The stock started its trading journey at ₹340 apiece on NSE — a 5.56% discount to the issue price.
Suraj Estate’s IPO, to raise up to ₹400 crore, was open for subscription from December 18 till December 20 with a subscription of 15.65 times. The qualified institutional buyer (QIB) portion was subscribed 24.31 times. The portion reserved for retail investors was subscribed 9.3 times.
ITI Capital and Anand Rathi Advisors were the managers to the offer.
The issue was entirely a fresh issue of 1.11 crore shares, and there was no offer-for-sale component. Suraj Estate Developers plans to utilise the proceeds by repaying a debt of ₹285 crore, allocating ₹35 crore towards acquiring land or land development rights in the Mumbai Metropolitan Region (MMR), and the remainder for general corporate purposes.
Ahead of its debut, the company raised ₹120 crore from anchor investors by allotting 33.33 lakh shares to 11 funds at ₹360 apiece. 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.
Established in 1986 and helmed by Rajan Meenathakonil Thomas and family, Suraj Estate Developers has a track record of developing 42 projects in Mumbai’s south-central region and has a residential portfolio located in the markets of Mahim, Matunga, Dadar, Prabhadevi, and Parel.
