Suraj Estate IPO Opens Dec 18: Rs 400 Crore

New Delhi, Dec 13 (PTI) Suraj Estate Developers on Wednesday said it has fixed the price band of Rs 340 to Rs 360 per share for its initial public offering (IPO).

The initial share sale will open for public subscription on December 18 and conclude on December 20, the Mumbai-based company said.

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

Proceeds would be used towards the 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 also be used for general corporate purposes.

Suraj Estate Developers has developed real estates 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.

For the financial year ended March 31, 2023, the company's revenue from operations increased to Rs 305.74 crore from Rs 272.72 crore in the previous fiscal.

Besides, the company's profit rose to Rs 32.06 crore in 2022-23 as compared to Rs 26.50 crore in the preceding financial year.

Investors can bid for a minimum of 41 equity shares and in multiples of 41 equity shares thereafter.

ITI Capital and Anand Rathi Advisors are the book-running lead managers to the offer.

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