Suraj Estate Developers IPO Subscribed 71% on Day 1

New Delhi, Dec 18 (PTI) The initial share sale of Suraj Estate Developers got subscribed 71 per cent on Monday, the first day of subscription.

The Initial Public Offer (IPO) got bids for 58,50,946 shares against 82,35,293 shares on offer, as per data available with the NSE.

The portion for Retail Individual Investors (RIIs) got subscribed 1.23 times while the quota for non-institutional investors received 28 per cent subscription. The Qualified Institutional Buyers (QIBs) part got subscribed 12 per cent.

The Mumbai-based company's IPO is entirely a fresh issuance of equity shares worth Rs 400 crore with no Offer for Sale (OFS) component.

The company's IPO has a price range of Rs 340-360 a share.

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 are the managers to the offer.

The equity shares are proposed to be listed on BSE and NSE.