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The initial public offering of Suraj Estate Developers was subscribed 0.72 time on the opening day on Monday.
The ₹400-crore IPO of the Mumbai-based realtor Suraj Estate Developers Ltd is priced in a band of ₹340-360. The issue will close on Wednesday (December 20).
The IPO is entirely a fresh issue of 1.11 crore shares. Investors can bid for a minimum of 41 shares. As against the offer size of 82,35,293 shares, the IPO received bids for 58,96,866 shares.
Fifty per cent of the issue is reserved for qualified institutional buyers, while 15 per cent is available to non-institutions, and and not less than 35 per cent for retail investors.
The retail investors’ portion was subscribed 1.24 times, while the NII quota was subscribed 0.28 times, and the QIB portion 0.12 times.
The company on Friday raised ₹120 crore from anchor investors by allotting 33.33 lakh shares to 11 funds at ₹360 apiece.
SBI General Insurance Company, Tata MF, ITI MF, Aditya Birla Sun Life, Jagdish Master managed Quantum-State Investment Fund, Blue Lotus Capital, Lighthouse Canton, Societe Generale, BNP Paribas and Meru Investment Fund participated in the anchor book.
The issue proceeds will be used to repay/ prepay the aggregate outstanding borrowings of the company and its subsidiaries, Accord Estates Pvt Ltd and Iconic Property Developers Pvt Ltd; acquisition of land or land development rights; and general corporate purposes.
ITI Capital Ltd and Anand Rathi Advisors Ltd are the book-running lead managers
The company develops residential and commercial real estate in the South Central Mumbai region.
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