Suraj Estate Developers IPO Subscribed 7 Times on Final Day

20 Dec 2023 , 02:03 PM

Suraj Estate Developers’ IPO witnessed robust demand from investors, with the subscription reaching 7.33 times on the final day of bidding, as of December 20 by 2 pm. Click here to subscribe the IPO.

Investors bid for 6.03 crore shares against the offer size of 82.35 lakh. Retail investors showed strong interest, subscribing 6.96 times, while high net-worth individuals (HNIs) picked up 10.18 times their allotted quota. Qualified institutional buyers (QIBs) had subscribed to only 5.84 times of their reserved portion.

The real estate developer aims to raise Rs 400 crore through a fresh issue of 1.11 crore shares, with a price band set at Rs 340-360 per share and a lot size of 41 shares. The net proceeds from the fresh issue will be utilized to repay debts of Rs 285 crore, allocate Rs 35 crore for land acquisition or land development rights in the Mumbai Metropolitan Region, and set aside the remaining funds for general corporate purposes.

Institutional investors had previously acquired shares worth nearly Rs 120 crore through the anchor book ahead of the IPO.