Suraj Estate Developers IPO allotment concluded; Check allotment link, listing date here

22 Dec 2023 , 12:04 PM

Suraj Estate Developers concluded the share allotment process on December 21, with plans to make its debut on the stock exchanges by December 26. The company’s Rs 400-crore Initial Public Offering (IPO), open for public subscription from December 18 to December 20, witnessed a robust response, reaching a subscription of 15.65 times on the final bidding day.

Investors who participated in the IPO can conveniently check their allotment status online, either on the BSE website or through the official registrar, Link Intime India. Following the finalization of the basis of allotment, selected investors will receive their allotted shares. Refunds will be initiated for those who did not secure allotments, and the shares will be credited to the demat accounts of successful bidders by December 22.

The Qualified Institutional Buyers (QIB) portion of the IPO experienced a substantial oversubscription of 24.3 times, while the retail investors’ portion was oversubscribed by 9.3 times.

Notably, Suraj Estate Developers’ maiden public issue comprised a fresh issuance of equity shares amounting to Rs 400 crore, devoid of any Offer for Sale (OFS) component. The funds raised through the IPO are earmarked for addressing the company’s debt obligations, including those of its subsidiaries, and for land acquisition. Additionally, the proceeds will be allocated for general corporate purposes.

During the bidding process, shares were available in the price band of Rs 340-360 each.