Mumbai-based Suraj Estate Developers initial public offering (IPO) will open for subscription on December 18 and will close on December 20. The company plans to raise over ₹400 crore via this issue and there is no offer-for-sale component.
The allotment for the Suraj Estate Developers IPO is expected to be finalized on Thursday, December 21, 2023. The shares are proposed to be listed on both NSE and BSE with a tentative listing date fixed as Tuesday, December 26, 2023.
The price band of the IPO is yet to be announced. The real estate developer intends to allocate the net proceeds from the fresh issue to address outstanding debts totaling ₹285 crore. Additionally, ₹35 crore will be earmarked for the acquisition of land or land development rights in the Mumbai Metropolitan Region. The residual funds from the fresh issue will be allocated towards general corporate purposes.
The company plans to allocate the entirety of the funds earmarked for the acquisition of land or land development rights throughout the fiscal years 2024 to 2025.
More than 50.00% of the net offer are reserved for QIB, not less than 35% of the offer reserved for retail investors and not less than 15% of the offer reserved for HNI.
Iti Capital Ltd and Anand Rathi Securities Limited are the book running lead managers of the Suraj Estate Developers IPO, while Link Intime India Private Ltd is the registrar for the issue.
Mr. Rajan Meenathakonil Thomas is the promoter of the company. It has total outstanding consolidated borrowing at ₹568.83 crore, as of September 2023.
Suraj Estate, under the ownership of Rajan Meenathakonil Thomas and family, achieved a remarkable 21 percent year-on-year growth in net profit, reaching ₹32.06 crore for the fiscal year ending in March FY23. The company also saw a 12.1 percent increase in revenue, totaling ₹305.7 crore compared to the previous year. Additionally, EBITDA (earnings before interest, tax, depreciation, and amortization) experienced a noteworthy 14.6 percent year-on-year growth, reaching ₹151 crore. The company’s margin expanded by 110 basis points to 49.4 percent during the year, attributed to lower input costs.
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Published: 07 Dec 2023, 10:55 PM IST