Suraj Estate Developers, a pioneering real estate player, filed a fresh IPO with Sebi to raise Rs 400 crore. The IPO is entirely composed of a fresh issue of equity shares. The funds will be used to repay debt, acquire land, and for general corporate purposes. The company boasts 42 completed projects and has 11 ongoing and 21 upcoming projects. In FY23, they achieved a profit of Rs 32 crore, with revenue reaching Rs 306 crore. ITI Capital Ltd. and Anand Rathi Advisors Ltd. are the book-running lead managers.
Suraj Estate Developers, a trailblazing player in the real estate industry, has submitted fresh preliminary papers to Sebi for a IPO aimed at raising Rs 400 crore. This move comes on the heels of their initial draft IPO papers filed back in March 2022. The upcoming IPO will be exclusively composed of a fresh issue of equity shares, totalling up to Rs 400 crore, without any offer for sale (OFS) component, as revealed in the fresh draft red herring prospectus (DRHP) filed recently. With a clear vision for the funds, Suraj Estate Developers plans to allocate Rs 285 crore towards repaying the debt of the company and its subsidiaries, Accord Estates, and Iconic Property Developers.
Additionally, they have earmarked up to Rs 35 crore for strategic land acquisitions, while the remaining funds will be channelled for general corporate purposes. The dynamism of Suraj Estate Developers can be seen in their successful ventures across both residential and commercial real estate sectors. Their impressive track record boasts the completion of 42 projects, encompassing a sprawling 1.05 million square feet of developed area in Mumbai as of May 2023. Moreover, the company has a promising future ahead with 11 ongoing projects and 21 exciting projects in the pipeline.
In terms of financial performance, Suraj Estate Developers has witnessed a remarkable growth trajectory. In FY23, they recorded a profit of Rs 32 crore, signalling a remarkable 21 percent surge compared to the preceding fiscal year. Simultaneously, their revenue soared to Rs 306 crore in FY23, representing an impressive 12 percent increase from the previous year's revenue of Rs 273 crore. The IPO's endeavour is guided by ITI Capital Ltd. and Anand Rathi Advisors Ltd., who will act as the book-running lead managers, reflecting their trust and belief in the company's potential to achieve new heights.
Suraj Estate Developers' audacious step towards the IPO marks the beginning of an extraordinary journey in the real estate realm. It symbolizes their commitment to reshaping the landscape of the industry and carving a brighter, more prosperous future for all stakeholders. As they embark on this remarkable expedition, the world eagerly awaits the unfolding of their unprecedented success story.
Suraj Estate Developers, a visionary in the real estate realm, emerged on September 10, 1986, and has since achieved remarkable heights. A prominent player, it secures a remarkable 15.25 percent market share in supply and an impressive 13.50 percent market share in absorption across South Central Mumbai's residential sub-markets (Mahim, Matunga, Dadar, Prabhadevi, and Parel) from 2016 to 2021. Within its captivating residential portfolio, the company masterfully blends "value luxury" and "luxury" segments, catering to diverse price points. Simultaneously, Suraj astounds with its commercial prowess, crafting tailor-made, state-of-the-art corporate headquarters for esteemed institutional clients. Their journey resonates as a testament to innovation and excellence in the realty landscape.
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