40% of the IPO of Suraj Estate Developers was booked on the first day, with 75% of the retail part committed

 40% of the IPO of Suraj Estate Developers was booked on the first day, with 75% of the retail part committed

 40% of the IPO of Suraj Estate Developers was booked on the first day, with 75% of the retail part committed

Suraj Estate Developers' initial public offering (IPO) has a price range of Rs 340–360 per share. The offering will end on December 20.

Institutional investors purchased shares in Suraj Estate Developers for around Rs 120 crore prior to the IPO.

By midday on December 18, the first day of bidding, bids for 33.21 lakh shares against the offering size of 82.35 lakh had 40% of the Suraj Estate Developers IPO subscribed.

75% of the retail component was booked, while 14% of the quota was purchased by high net worth individuals (HNIs).

The offering, which closes on December 20, has a price range of Rs 340–360 per share. The most recent offering of 1.11 crore shares is the Rs 400 crore sale.

Prior to the IPO, institutional investors purchased shares in Mumbai-based Suraj Estate Developers, a real estate business, for around Rs 120 crore via an anchor book that was made available for purchase on December 15.

SBI General Insurance firm, Tata Housing Opportunities Fund, Aditya Birla Sun Life AMC, LC Fraas Multi-Strategy Fund VCC, ITI Flexi Cap Fund, and Meru Investment Fund PCC-Cells are among the ten institutional investors that made entire investments in the firm via the anchor book. 1.

Participating in the anchor book were BNP Paribas Financial Markets, Societe Generale-ODI, Quantum-State Investment Fund, and IEGFL-Multi Opportunity.

The developer, which is owned by Rajan Meenathakonil Thomas and his family, recorded a 21% increase in net profit at Rs 32.06 crore for the fiscal year that ended in March of 2013, on sales of Rs 305.7 crore. With sales of Rs 102.41 crore, its net profit for the quarter ended June 24 was Rs 14.53 crore.

In the South Central Mumbai area, Suraj Estate Developers is a real estate building business that builds both residential and commercial properties.

The firm depends entirely on outside contractors to do construction work for its projects; it does not provide any internal construction services.