Suraj Estate Developers' IPO subscribed 15.65 times on last day of offer
The IPO received bids for 12,88,46,559 shares against 82,35,293 shares
image for illustrative purpose
New Delhi: The initial share sale of Suraj Estate Developers fetched 15.65 times subscription on the closing day of bidding on Wednesday. The Initial Public Offer (IPO) received bids for 12,88,46,559 shares against 82,35,293 shares on offer, as per NSE data. The portion for Qualified Institutional Buyers (QIBs) got subscribed 24.31 times while the quota for non-institutional investors received 18.90 times subscription. The category for Retail Individual Investors (RIIs) fetched 9.30 times subscription.
The company's IPO had a price range of Rs 340-360 a share. The Mumbai-based company's IPO was entirely a fresh issuance of equity shares worth Rs 400 crore with no Offer for Sale (OFS) component. On Friday, Suraj Estate Developers said it has collected Rs 120 crore from anchor investors. Proceeds would be used towards payment of debt availed by the company and its subsidiaries -- Accord Estates and Iconic Property Developers, and the acquisition of land.
Besides, a portion will be used for general corporate purposes. Suraj Estate Developers has developed real estate across the residential and commercial sectors in the South Central Mumbai region and has a residential portfolio located in the markets of Mahim, Matunga, Dadar, Prabhadevi, and Parel. ITI Capital and Anand Rathi Advisors were the managers to the offer. The equity shares are proposed to be listed on BSE and NSE.
