Suraj Estate Developers announced on Wednesday that it has set the price range for its initial public offering (IPO) at Rs 340 to Rs 360 per share. The IPO, consisting solely of a fresh issuance of equity shares totaling Rs 400 crore, is scheduled to open for public subscription on December 18 and will conclude on December 20, as stated by the Mumbai-based company.
The funds generated from the IPO will be directed towards settling the debt incurred by the company and its subsidiaries, namely Accord Estates and Iconic Property Developers. Additionally, a portion of the proceeds will be allocated for the acquisition of land and general corporate purposes.
Specializing in real estate development across the residential and commercial sectors in South Central Mumbai, Suraj Estate Developers boasts a residential portfolio situated in prominent markets such as Mahim, Matunga, Dadar, Prabhadevi, and Parel.
In the financial year ending on March 31, 2023, the company reported a growth in revenue from operations, reaching Rs 305.74 crore compared to Rs 272.72 crore in the preceding fiscal year. Furthermore, the company’s profit increased to Rs 32.06 crore in 2022-23, up from Rs 26.50 crore in the previous financial year.
Investors interested in the IPO can bid for a minimum of 41 equity shares, with the option to bid in multiples of 41 equity shares thereafter. ITI Capital and Anand Rathi Advisors have been appointed as the book-running lead managers for the offer.
The equity shares are intended to be listed on both BSE and NSE.