Suraj Estate Developers Files IPO Papers With Market Regulator SEBI; Check Details

Suraj Estate Developers Ltd has filed preliminary paperwork with capital market regulator Security Exchange Board of India (SEBI). The company intends to raise Rs 500 crore through its IPO, which would entirely consist of fresh shares. The company's shares will be listed on the BSE and NSE.

According to the draught red herring prospectus (DRHP) submitted with SEBI on Monday by the company, the net proceeds of the issue will be used to pay off borrowings totaling Rs 315 crore. While the company would spend around Rs 45 crore on property purchase or land development rights, with the remainder going to general business purposes. The proposed share sale has a face value of Rs 5 per equity share, according to DHRP.

The issue's book running leading managers are Centrum Capital and Anand Rathi Advisors. The promoter and promoter group currently hold around 95 percent of the firm.

Suraj Estate Developers

Suraj Estate Developers is a Mumbai-based real estate company. The company has been in the real estate business since 1986 and specializes in residential and commercial development in the South Central Mumbai area. Suraj Estate Developers has been constructing residential and commercial properties in the South Central Mumbai region for over a decade. The realtor has developed a strong brand and a good track record in the real estate sector by emphasizing contemporary architecture, great project execution capabilities, and quality construction.

Suraj Estate Developers has a 15.25 percent stake in the number of units provided in Mumbai's suburban neighborhoods, including Mahim, Matunga, Prabhadevi, Dadar, and Parel, from 2016 to 2021. The firm has a residential portfolio ranging from Rs 1 crore to Rs 13 crore in the 'value luxury' and 'luxury' sectors. The corporation is also involved in commercial real estate.