Suraj Estate IPO Subscribed 2.42 Times on Day 2

New Delhi, Dec 19 (PTI) Suraj Estate Developers' Initial Public Offer (IPO) received 2.42 times subscription on the second day of bidding on Tuesday.

The initial share sale received bids for 1,99,30,592 shares against 82,35,293 shares on offer, as per NSE data.

The category for Retail Individual Investors (RIIs) got subscribed 3.89 times, the quota for non-institutional investors attracted 2.05 times subscription and the category for Qualified Institutional Buyers (QIBs) received 12 per cent subscription.

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.