0
0
The Securities and Exchange Board of India (SEBI) has approved Suraj Estate Developers’ proposed initial public offering. Suraj Estate Developers develops in the combined markets of Mahim, Matunga, Dadar, Prabhadevi, and Parel (IPO).
In March, the company filed papers with SEBI for an IPO that included a fresh issue of shares worth Rs 500 crore but no offer for sale component.
For the proposed share sale, the issue has a face value of Rs 5 per equity share. The offer is being made through the Book Building Process, with at least 75% of the offer available for allocation to Qualified Institutional Buyers, not more than 15% available for allocation to non-institutional bidders, and not more than 10% available for allocation to retail individual bidders.
According to an Anarock report commissioned by the company, it launched 14 residential projects between 2016 and 2021, 12 (86%) of which were redevelopment projects. It has also built and sold built-to-suit corporate headquarters for institutional clients such as Saraswat Cooperative Bank (Prabhadevi) and Clearing Corporation of India (Dadar).
The proceeds from its new issuance of Rs 315 crore will be used to repay or prepay all or part of all or certain borrowings for the company and its subsidairy, as well as for general corporate purposes.
Suraj Estate Developers, founded in 1986 by Rajan Meenathakonil Thomas, has been developing residential and commercial properties in the South Central Mumbai region.
It has completed 42 projects in the South Central Mumbai region, with a total developed area of over 1,046,543 square feet. It also has nine ongoing projects totaling 1,970,445 square feet of developable area and 442,616 square feet of saleable RERA carpet area, as well as 21 upcoming projects totaling 928,400 square feet of carpet area.
