Suraj Estate makes a lackluster debut; trades around Rs 345 per share
时间:2024-06-26 12:48:56 阅读(143)
Suraj Estate, a real estate developer headquartered in Mumbai, experienced a lackluster debut on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) on Tuesday, December 26. Listing at ₹343.8 per share on BSE, the company faced a marginal difference from the issue price range of ₹340 to ₹360. Simultaneously, on NSE, the stock initiated trading at ₹340 per share, representing a modest 5.56% discount compared to the issue price.
Suraj Estate’s Initial Public Offering (IPO), aimed at raising up to ₹400 crore, was open for subscription from December 18 to December 20, achieving a subscription rate of 15.65 times. Notably, the qualified institutional buyer (QIB) portion exhibited robust interest, being subscribed 24.31 times, while the portion reserved for retail investors saw a subscription of 9.3 times.
In anticipation of its market debut, the company secured ₹120 crore from anchor investors by allocating 33.33 lakh shares to 11 funds at ₹360 apiece. Key participants in the anchor book included SBI General Insurance Company, Tata MF, ITI MF, Aditya Birla Sun Life, and others.
Established in 1986 and led by Rajan Meenathakonil Thomas and family, Suraj Estate Developers boasts a commendable track record, having successfully developed 42 projects in Mumbai’s south-central region. The company’s residential portfolio spans key markets such as Mahim, Matunga, Dadar, Prabhadevi, and Parel.
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