Suraj Estate IPO Subscription Opens Today: Check Price, GMP and Lot Size.
Unlisted shares of Suraj Estate Developers Ltd are buying and selling Rs 70 increased within the gray market, which is a 19.44 per cent itemizing achieve from the general public problem
Suraj Estate IPO: The preliminary public providing of actual property agency Suraj Estate Developers Ltd (SEDL) has opened for public subscription on Monday, December 18. The IPO will stay open until Wednesday, December 20. The worth band of the Rs 400-crore IPO has been fastened at Rs 340-Rs 360 per share.
The Suraj Estate Developers IPO allotment may happen on December 21, whereas its share itemizing will happen on December 26 on each BSE and NSE.
Suraj Estate Developers has collected Rs 120 crore from anchor traders forward of its preliminary public providing (IPO).
Suraj Estate IPO GMP Today
According to market observers, unlisted shares of Suraj Estate Developers Ltd are buying and selling Rs 70 increased within the gray market as in contrast with its problem worth. The Rs 70 gray market premium or GMP means the gray market is anticipating a 19.44 per cent itemizing achieve from the general public problem. The GMP relies on market sentiments and retains altering.
‘Grey market premium’ signifies traders’ readiness to pay greater than the difficulty worth.
Suraj Estate IPO: Should You Subscribe?
Giving a ‘Subscribe’ score to the IPO, brokerage agency Geojit in its be aware mentioned, “At the upper price band of Rs.360, SEDL is available at a P/Bv of 3.3x (FY24E annualised), which appears to be fairly priced. Considering its consistent growth in both topline and bottomline, healthy return ratios, asset-light business model, redevelopment opportunities and promising industry outlook, we assign a ‘Subscribe’ rating on a short to medium-term basis.”
Suraj Estate IPO: Lot Size, Minimum Investment
The Suraj Estate IPO is totally a recent issuance of fairness shares price Rs 400 crore with no provide-for-sale (OFS) element. Its worth has been fastened at Rs 340-Rs 360 per share.
Investors can bid for no less than 41 fairness shares and in multiples of 41 fairness shares thereafter. The minimal quantity of funding required by retail traders is Rs 14,760.
Proceeds can be used in direction of the fee of debt availed by the corporate and its subsidiaries — Accord Estates and Iconic Property Developers– and the acquisition of land.
Besides, a portion can even be used for common company functions.
Suraj Estate Developers has developed actual estates throughout the residential and industrial sectors within the South Central Mumbai area and has a residential portfolio situated within the markets of Mahim, Matunga, Dadar, Prabhadevi, and Parel.
For the monetary 12 months ended March 31, 2023, the corporate’s income from operations elevated to Rs 305.74 crore from Rs 272.72 crore within the earlier fiscal.
Besides, the corporate’s revenue rose to Rs 32.06 crore in 2022-23 as in comparison with Rs 26.50 crore within the previous monetary 12 months.
ITI Capital and Anand Rathi Advisors are the ebook-working lead managers to the provide.
