Suraj Estate Developers sold its IPO in the price band of Rs 340-360 apiece, with a lot size of 41 shares. The IPO ran from December 18 to December 20.
SUMMARY
Suraj Estate shares list at Rs 340 on NSE; discount of 6%
The stock debuted at a discount of 5% at Rs 343.80 on BSE.
IPO size of Rs 400 crore; entirely a fresh equity share sale.
Shares of Suraj Estate Developers made a weak debut at Dalal Street on Tuesday, as the real estate player debuted at Rs 340 on NSE, a 6 per cent discount to its issue price of Rs 360 apiece. The scrip got listed at Rs 343.80 on BSE, down about 5 per cent.
The poor IPO listing came in against grey market trends that hinted at a premium of Rs 15-20 per share or a 4-6 per cent listing pop.
Suraj Estate Developers sold its IPO in the price band of Rs 340-360 apiece with a lot size of 41 shares. The IPO ran from December 18 to December 20. The company raised about 400 crore from its primary offering, which entirely included a sales of 1,11,11,111 fresh shares.
The issue was overall subscribed 15.59 times, with the portion for qualified institutional bidders (QIBs) getting 24.31 times subscription. The quota for non-institutional investors' category was subscribed 18.89 times. The quota reserved for retail investors was subscribed 9.20 times during the three-day bidding process.
Established in 1986, Suraj Estates Developers specialises in the development of residential and commercial real estate in the South-Central Mumbai region. Notably, the company relies entirely on third-party contractors for the construction services of its projects, as it does not provide any in-house construction services.
ITI Capital and Anand Rathi Securities serve as the book running lead managers for the Suraj Estate Developers IPO, with Link Intime India appointed as the registrar for the issue.
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