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The ₹400-crore Mumbai-based realtor Suraj Estate Developers Ltd will open today at ₹340-360 price band. The issue will close on Wednesday (December 20).
The ₹400-crore initial public offering of Suraj Estate Developers is entirely a fresh issue of 1.11 crore shares. Investors can bid for a minimum of 41 shares.
Of the issue, 50 per cent is reserved for qualified institutional buyers while 15 per cent would available for non-institutions and and not less than 35 per cent for retail investors.
As part of IPO, the company on Friday raised ₹120 crore from anchor investors by allotting 33.33 lakh shares to 11 funds at ₹360 apiece.
The investors who participated in the anchor book include SBI General Insurance Company, Tata MF, ITI MF, Aditya Birla Sun Life, Jagdish Master managed Quantum-State Investment Fund, Blue Lotus Capital, Lighthouse Canton, Societe Generale, BNP Paribas and Meru Investment Fund.
The company intends to use the proceeds from the issue for 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; and general corporate purposes.
ITI Capital Ltd and Anand Rathi Advisors Limited are the book running lead managers
The company develops residential and commercial real estate in the South Central Mumbai region.
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