Suraj Estate Developers Ltd IPO
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Suraj Estate Developers Ltd IPO Details
Details
| Total Shares Offered | Offer to Public | Retail Max (Shares) | Pre Issue Promoters Holding | Exchange | Issue size |
|---|---|---|---|---|---|
| ₹ 111.11 L | TBA | ₹ 38.89 L | ₹ 272.82 L | BSE | ₹ 400 Cr |
| IPO Open Date | Close Date | Lot Size | Min Investment | Issue Type | Listing Date |
| 18 Dec, 23 | 20 Dec, 23 | 41 | ₹ 13,940 | Book Building | 26 Dec, 23 |
Suraj Estate Developers Ltd IPO Dates
Details
| Sector | Type |
|---|---|
| Sector | Construction |
| Sub Sector | NA |
| Issue Type | Book Building |
Subscription Status
*Values are in Lakhs
| Investor Type | Subscription Times | Shares Offered* | Shares Bid* |
|---|---|---|---|
| QIB | 10.3x | 5555556 | 57201396 |
| NII | 20.02x | 1666666 | 33360757 |
| Retail | 9.85x | 3888889 | 38286784 |
| Employee | 0x | 0 | 0 |
| Total | 11.6x | 11111111 | 128848937 |
Subscription Status
Investor Type
QIB
NII
Retail
Employee
Total
*Values are in Lakhs
Suraj Estate Developers Ltd Financial Status
Income Statement
Balance Sheet
| Particulars (in Rs. Crores) | FY23 | FY22 | FY21 |
|---|---|---|---|
| Revenue from operations | 100.85 | 52.95 | 22.67 |
| EBITDA | 103.13 | 54.81 | 24.89 |
| PAT | 71.38 | 37.96 | 14.88 |
| Total Assets | 850.10 | 706.43 | 524.80 |
| Share Capital | 22.18 | 16.63 | 16.63 |
| Total Borrowings | 507.04 | 549.94 | 350.77 |
| Operating Activities (Net Cash) | 73.66 | 39.82 | 17.10 |
| Investing Activities (Net Cash) | 37.21 | 31.33 | 29.92 |
| Financing Activities (Net Cash) | 507.04 | 549.94 | 350.77 |
| Net Cashflow | 107.96 | 23.07 | 16.14 |
Particulars (in Rs. Crores)
Revenue from operations
EBITDA
PAT
Total Assets
Share Capital
Total Borrowings
Operating Activities (Net Cash)
Investing Activities (Net Cash)
Financing Activities (Net Cash)
Net Cashflow
About Suraj Estate Developers Ltd
Suraj Estate Developers Limited was originally incorporated as `Suraj Estate Developers Private Limited', a private limited company under the Companies Act, 1956 at Mumbai, Maharashtra, pursuant to a certificate of incorporation dated September 10, 1986 issued by the Registrar of Companies, Maharashtra at Mumbai (RoC). Subsequently, the Company was converted into a public limited company, pursuant to a special resolution of the shareholders of the Company dated October 30, 2021 and the name of the Company was changed to `Suraj Estate Developers Limited' and a fresh certificate of incorporation dated December 9, 2021 was issued by the RoC.
It is a globally established fact that demographic shifts fundamentally affect the demand for real estate. India's large population base of over 1.37 bn provides a huge domestic demand base which attracts businesses from across the world to setup their operations here. Along with rising population, India's urbanization rate is also increasing at a fast pace. As per UNDP projections, by 2046 approx. 50% of population in India will be urban. However, rapid urbanization is expected to drive the demand for housing, offices and other real estate asset classes in the medium - long term. UNDP has projected that there will be 8 cities with a population of 10 mn & above by the year 2035 in India, highlighting the unmet housing demand.
Suraj Estate Developers Limited has been involved in the real estate business since 1986 and develop real estate across the residential and commercial sectors in South Central Mumbai region. The Company has a residential portfolio located in the markets of Mahim, Dadar, Prabhadevi and Parel, which are sub-markets of the South-Central Mumbai micro market where it has established its presence. The Company is focused primarily on value luxury, luxury segments and commercial segment. It is now venturing into residential real estate development in Bandra sub-market.
Peer Comparison:
- Oberoi Realty Ltd
- Sunteck Realty Ltd
- Shriram Properties Ltd
- Mahindra Lifespace Developers Ltd
- Keystone Realtors Ltd
- D B Realty Ltd
- Hubtown Ltd
Suraj Estate Developers Ltd IPO Key Points
Strengths
- The Company has established brand with a long standing presence in Value Luxury Segment and Luxury Segment in the residential real estate market of South Central Mumbai region;
- The Company has diversified portfolio encompassing product offerings across various price points in value luxury and luxury segments;
- The Company has expertise in tenant settlement in the redevelopment projects in residential sub-markets of Mahim, Matunga, Dadar, Prabhadevi, and Parel;
- Its marketing and sales strategies
- The Company has an experienced promoter and management team with its Chairperson and Managing Director who is also its Promoter, having over thirty six (36) years of experience in various aspects of real estate business.
Risk
- Its business is dependent on the performance of, and the conditions affecting, the real estate sub markets in the South-Central Mumbai region. As of October 31, 2023, the company did not have any ongoing projects in any other areas apart from South Central Mumbai. Consequently, the company is exposed to risks from economic, regulatory and other changes as well as natural disasters in the South Central Mumbai region, which in turn may have an adverse effect on its business, results of operations, cash flows and financial condition.
- Any uncertainty in its title to the company real estate assets could have a material adverse impact on its current and future revenue.
- Its redevelopment projects require compliance of the provisions of Regulation 33(7) of the Development Control and Promotion Regulation, 2034. The compliance inter alia involves tenant settlement, approvals from MHADA & MCGM, construction of the tenant and saleable portion units.
Strategy
- Enhance its leading market position in the South Central Mumbai region by leveraging its Upcoming Projects
- Continue to focus on redevelopment projects through asset light model
- Continue to pursue its differentiated product offerings in value luxury segment.
- Continue to expand Land Reserves in South Central Mumbai region and opportunistically build its position in other sub markets within MMR region
- Continue to selectively develop Commercial Projects in the South Central Mumbai region
- The Company has established brand with a long standing presence in Value Luxury Segment and Luxury Segment in the residential real estate market of South Central Mumbai region;
- The Company has diversified portfolio encompassing product offerings across various price points in value luxury and luxury segments;
- The Company has expertise in tenant settlement in the redevelopment projects in residential sub-markets of Mahim, Matunga, Dadar, Prabhadevi, and Parel;
- Its marketing and sales strategies
- The Company has an experienced promoter and management team with its Chairperson and Managing Director who is also its Promoter, having over thirty six (36) years of experience in various aspects of real estate business.
How To Apply for Suraj Estate Developers Ltd IPO Online?
Step 1:
Log in to the BlinkX stock market app and click ‘IPO’ in the Xplore section.
Step 2:
From the list of open IPOs, select the IPO you want to invest.
Step 3:
Go through the IPO details like lot size, price band, about the company, etc.
Step 4:
Click ‘Apply IPO’ to apply and enter the number of lots and bidding price along with your UPI ID.
Step 5:
Confirm your bid and accept the payment mandate sent to your UPI App for completing the IPO application.