Suraj Estate IPO: Listing date for the initial public offering (IPO) of Suraj Estate Developers Limited has been fixed on 26th December 2023. As per the information available on BSE website, Suraj Estate share price will list on BSE and NSE during Tuesday deals in special pre open session. Suraj Estate IPO listing will take place in ‘B’ group of securities.
“Trading Members of the Exchange are hereby informed that effective from Tuesday, December 26, 2023, the equity shares of Suraj Estate Developers Limited shall be listed and admitted to dealings on the Exchange in the list of ‘B’ Group of Securities,” says BSE notice.
Meanwhile, Suraj Estate IPO has gained strength in grey market ahead of listing date. As per the stock market observers, Suraj Estate share price is available at a premium of ₹22 in grey market today.
According to stock market experts, Suraj Estate IPO received decent response from investors and it has remained steady in grey market after closure of its subscription. They said that Suraj Estate IPO listing price may take place at a premium of ₹15 to ₹20, which means the real estate stock may list in ₹375 to ₹380 per share. They said that Suraj Estate Developers have strong fundamentals and it may give strong return in medium to long term. Experts went on to add that the stock may list at a premium of around 6 per cent on share listing date.
Speaking on expected Suraj Estate IPO listing price, Arun Kejriwal, Founder at Kejriwal Research and Investment Services said, “The public issue may not list at a whopping rpemium but the company is in redevelopment business and they are mainly in Mumbai south central region, which is full of middle midle class owning bunglows. In this region supply of land is limited but redevelopmental work has immense potentil. Apart from this, the company has enough assets to meet any un toward financial challenges. Hence, the stock may list at a premium of ₹15 to ₹20 but it is expected to deliver strong returns in medium to long term.”
Expecting positive debut of Suraj Estate shares, Prathamesh Masdekar, Research Analyst at StoxBox said, “With the Suraj Estate Developers Ltd. IPO coming on the bourses on 26 September 2023, we expect a decent listing for the issue. We expect the IPO to open at a premium of around 6% to the issuance price of Rs. 360 per share. Since most of the land parcels in the South-Central Mumbai market are re-development projects, the company’s core competence lies in tenant settlement, which is a key element for unlocking value on such land parcels.”
Prathamesh Masdekar said that the company also has a track record of sustained consolidated revenue from operation, growing at a CAGR of 12.9% during the FY21-23 period. Their strong presence in the South-Central Mumbai region has generated significant brand recall in sub-markets and substantial sales referrals from existing customers.
As mentioned above, Suraj Estate IPO grey market premium (GMP) today is ₹22, which means grey market is expecting that Suraj Estate IPO listing price would be ₹382 per share.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decision.
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Published: 26 Dec 2023, 06:44 AM IST