Suraj Estate Developers Limited is a real estate construction company with a focus on best-in-class collaborations and client assurance.
The company has over 35 years of experience in developing real estate across the residential and commercial sectors in the South Central Mumbai region. Suraj has developed over 10 lakh square feet of land in Mumbai.
In the residential portfolio, Suraj is present across the “value luxury” and “luxury” segments across multiple price points with unit values ranging from ₹10.00 million to ₹130.00 million.
In the commercial portfolio, Suraj has constructed and sold built-to-suit corporate headquarters to institutional clientele namely, Saraswat Cooperative Bank Limited (Prabhadevi), National Stock Exchange of India, Union Bank of India, and Clearing Corporation of India Limited (Dadar). The company has built more than 40 projects across residential and commercial segments in Mumbai.
From 2016 to 2023 (Q1), the company has launched 15 residential projects out of which 13 projects (~87%) are redevelopment projects. As of March 31, 2023, Suraj has redeveloped houses for more than 1,011 tenants free of cost under regulation 33(7) of the Development Control and Promotion Regulation, 2034 (DCP Regulations).
Suraj has completed 42 projects with a developed area of more than 1,046,543.20 sq.ft. in the South-Central Mumbai region.
In addition to the Completed Projects, they have 11 Ongoing Projects with a developable area of 1,714,962.03 sq.ft. and saleable RERA carpet area 497,774 sq.ft. and 21 Upcoming Projects with an estimated carpet area of 843,192 sq.ft.
Suraj Estate Developers was awarded Best Developer of the Year – Residential at the CNN-News18 Real Estate & Business Excellence Awards in Mumbai, on February 2, 2020.
Suraj Estate Developers IPO – Details
| IPO Opening Date | 18 December 2023 |
| IPO Closing Date | 20 December 2023 |
| Issue Type | Book Built Issue IPO |
| Issue Size | 1,11,11,111 Shares Worth ₹400.00 Crore Fresh Issue: 1,11,11,111 Shares Worth ₹400.00 Crore |
| Face Value | ₹5 per equity share |
| IPO Price | ₹340 – ₹360 |
| Market Lot | 41 Shares |
| Min Order | 41 Shares (1 Lot) |
| Listing At | BSE, NSE |
| Register | Link Intime India Private Limited |
| QIB Shares Offered | 50% |
| NII (HNI) Shares Offered | 15% |
| Retail Shares Offered | 35% |
Suraj Estate Developers IPO – Date Schedule
| IPO Open Date | 18 December 2023 |
| IPO Close Date | 20 December 2023 |
| Basis of Allotment Date | 21 December 2023 |
| Initiation of Refund | 22 December 2023 |
| Credit of Shares to Demat Account | 22 December 2023 |
| IPO Listing Date | 26 December 2023 |
| Cut-off time for UPI mandate confirmation | 5 PM on 20 December 2023 |
Suraj Estate Developers IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 41 | 14,760 |
| Retail (Max) | 13 | 533 | 1,91,880 |
| S-HNI (Min) | 14 | 574 | 2,06,640 |
| S-HNI (Max) | 67 | 2747 | 9,88,920 |
| B-HNI (Min) | 68 | 2788 | 10,03,680 |
Competitive Strengths
- 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;
- Diversified portfolio encompassing product offerings across various price points in value luxury and luxury segments;
- Expertise in tenant settlement in the redevelopment projects in residential sub-markets of Mahim, Matunga, Dadar, Prabhadevi, and Parel;
- Robust marketing and sales strategies.
Company Promoters
- Rajan Meenathakonil Thomas
Company Financials
| Particulars | Total Revenue | Total Expense | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31 March 2021 | 243.99 | 234.95 | 0.62 | 600.47 |
| 31 March 2022 | 273.90 | 237.75 | 2.65 | 638.15 |
| 31 March 2023 | 307.89 | 264.67 | 3.20 | 593.09 |
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 58.18% |
| ROCE | 21.93% |
| Debt/Equity | 8.31 |
| EPS (Rs) | 10.1 |
| RoNW | 58.18% |
Object Of The Issue
- Repayment/Prepayment of the aggregate outstanding borrowings of the company and its subsidiaries, Accord Estates Private Limited and Iconic Property Developers Private Limited.
- Acquisition of land or land development rights.
- General corporate purposes.
Suraj Estate Developers IPO Peer Comparison
| S. No. | Face Value | Company Name | PE |
| 1 | 10 | Oberoi Realty Limited | 25.63 |
| 2 | 1 | Sunteck Realty Limited | 4536.00 |
| 3 | 10 | Keystone Realtors Limited | 70.83 |
| 4 | 10 | Shriram Properties Limited | 27.42 |
| 5 | 10 | Mahindra Lifespace Developers Limited | 77.87 |
| 6 | 10 | D B Realty Limited | -72.09 |
| 7 | 10 | Hubtown Limited | 16.16 |
Suraj Estate Developers IPO Promoter Holding
| Pre Issue Share Holding | 100.00% |
| Post Issue Share Holding | 74.95% |
Suraj Estate Developers IPO Prospectus
- Suraj Estate Developers IPO DRHP
- Suraj Estate Developers IPO RHP
Company Contact Information
| Suraj Estate Developers Limited 301, 3rd Floor, Aman Chambers, Veer Savarkar Marg, Opp. Bengal Chemicals, Prabhadevi, Mumbai – 400025 Phone: +91 22 2437 7877 Email: suraj@surajestate.com Website: https://surajestate.com/ |
Suraj Estate Developers IPO Registrar
| Link Intime India Private Ltd Phone: +91-22-4918 6270 Email: surajestate.ipo@linkintime.co.in Website: https://linkintime.co.in/mipo/ipoallotment.html |
Suraj Estate Developers IPO Lead Manager(s)
| 1. ITI Capital Ltd 2. Anand Rathi Securities Limited |
Suraj Estate Developers IPO FAQs
| What is Suraj Estate Developers IPO? Suraj Estate Developers IPO is a main-board IPO. The issue is priced at ₹340 to ₹360 per equity share. The IPO is to be listed on BSE & NSE. |
| When Suraj Estate Developers IPO will open? The IPO is to open on 18 December 2023 for QIB, NII, and Retail Investors. |
| What is Suraj Estate Developers IPO Investors Portion? The investors’ portion for QIB – 50%, NII – 15%, and Retail – 35%. |
| How to Apply the Suraj Estate Developers IPO? You can apply Suraj Estate Developers IPO via ASBA online via your bank account. You can also apply for ASBA online via UPI through your stock brokers. You can also apply via your stock brokers by filling up the offline form. |
| How to Apply the Suraj Estate Developers IPO through Angle One? Log in to Angle One Application with your credentials. Select the IPO. You will see the IPO Name “Suraj Estate Developers”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with Angle One. |
| How to Apply the Suraj Estate Developers IPO through 5 Paisa? Log in to 5 Paisa Application with your credentials. Select the IPO. You will see the IPO Name “Suraj Estate Developers“. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with 5 Paisa. |
| How to Apply the Suraj Estate Developers IPO through Upstox? Log in to Upstox Application with your credentials. Select the IPO. You will see the IPO Name “Suraj Estate Developers”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with Upstox. |
| How to Apply the Suraj Estate Developers IPO through IIFL? Log in to IIFL Application with your credentials. Select the IPO. You will see the IPO Name “Suraj Estate Developers”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with IIFL. |
| What is Suraj Estate Developers IPO Size? Suraj Estate Developers IPO size is ₹400.00 Crore. |
| What is Suraj Estate Developers IPO Price Band? Suraj Estate Developers IPO Price Band is ₹340 to ₹360. |
| What is Suraj Estate Developers IPO Minimum and Maximum Lot Size? The minimum bid is 41 Shares with ₹14,760 amount while the maximum bid is 533 Shares with ₹1,91,880. |
| What is the Suraj Estate Developers IPO Allotment Date? Suraj Estate Developers IPO allotment date is 21 December 2023. |
| What is the Suraj Estate Developers IPO Listing Date? Suraj Estate Developers IPO listing date is 26 December 2023. The IPO is to list on BSE and NSE. |
