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Suraj Estate Developers Limited IPO

Suraj Estate Developers, a developer of real estate, has submitted a draught red herring prospectus (DRHP) to SEBI in order to generate $500 million through an initial public offering.
The money will be generated by issuing new equity shares.
About 94.89 per cent of the corporation is owned by the promoter and promoter group, of which Rajan Meenathakonil Thomas, the promoter, owns 82.05 per cent.
The book running leads managers to the problem, along with Centrum Capital and Anand Rathi Advisors.

Opening Date

To be announced

Closing Date

To be announced

Price Band

To be announced

Issue Size

To be announced

Face Value

To be announced

Market Lot

To be announced

Opening Date

To be announced

Closing Date

To be announced

Price Band

To be announced

Issue Size

To be announced

Face Value

To be announced

Market Lot

To be announced

Listing at NSE, BSE

Suraj Estate Developers Limited IPO Important Dates

IPO Open Date To be announced
IPO Close Date To be announced
Allotment Date To be announced
Initiation Of Refunds To be announced
Credit Of Shares To
Demat Account
To be announced
IPO Listing Date To be announced
UPI Mandate Expiry Date To be announced

View all upcoming IPOs

About Suraj Estate Developers Limited

Since 1986, Suraj Estate Developers has worked in the real estate industry, creating both residential and commercial properties in the South Central Mumbai area. For the period 2016 to 2021, the firm has a 15.25 per cent market share in terms of the number of units provided in the Mumbai suburbs of Mahim, Matunga, Dadar, Prabhadevi, and Parel. The residential portfolio of the firm is divided into the "value luxury" and "luxury" sectors, with prices ranging from Rs 1 crore to Rs 13 crore. We have developed and sold built-to-suit corporate offices to our institutional clients, Saraswat Cooperative Bank Limited (Prabhadevi) and Clearing Corporation of India Limited, as part of our commercial portfolio (Dadar). We want to go into creating boutique office spaces on Tulsi Pipe Road in Mahim to meet the growing need for smaller independent offices in the business sector. The firm locates buildings with current tenants that are cessed or non-cessed and partners with the landlords of those properties through a development agreement or an outright purchase through a conveyance deed. Additionally, it offers current renters and residents of redevelopment buildings free, high-quality housing. As a result, the bulk of projects is carried out on company-owned property or under the terms of development agreements with landowners. Sanjay Puri Architects and Vivek Bhole Architects Private Limited are only two of the renowned architects the business collaborates with.

Suraj Estate Developers Limited IPO Objectives

• Repayment/Prepayment of the aggregate outstanding borrowings of the Company and the Subsidiaries, Accord Estates Private Limited, Iconic Property Developers Private Limited and Skyline Realty Private Limited.
• Acquisition of land or land development rights; and
• General corporate purposes.
• In addition, they expect to achieve the benefits of listing our Equity Shares on the Stock Exchanges.

Why should you invest in the Suraj Estate Developers Limited IPO?

  • Despite the spiralling COVID-19 pressure across the country, the Indian residential sector made a significant comeback in Q3 2021 with absorption rebounding to 113% of the corresponding period in 2020. The Mumbai Metropolitan Region (“MMR”), Pune, Bengaluru, Hyderabad, the National Capital Region (“NCR”), Chennai and Kolkata (“Top Seven Indian Markets”) recorded absorption of approximately 0.15 million units in the first three quarters of 2021 - rising by 67% against the corresponding period in 2020.
  • New launches have jumped by 117% from 75,150 units in January to September period of 2020 to nearly 162,950 units in the same period in 2021.
  • The unsold inventory across the top 7 cities in India has remained stable on a quarterly basis (655,299 units) but witnessed an increase of 3% on a yearly basis because the new supply outpaced overall absorption numbers over the last 5 quarters ending September 2021.

Financial Highlights

Particulars (In Rs. Crores) FY21 FY20 FY19
Revenue 240.0 86.9 34.6
EBITDA 86.6 66.6 54.4
Revenue 240.0 86.9 34.6
Total Assets 792.0 709.8 597.0
Share Capital 6.4 6.4 6.4
Total Borrowings 600.5 497.4 371.1
Net cash generated from / (used in) operating activities -14.93 -31.71 -53.18
Net cash from / (used in) investing activities -6.84 -14.66 -4.22
Net cash flow from / (used in) financing activities 26.96 44.81 59.28
Net increase (decrease) in cash and cash equivalents 5.19 -1.56 1.88

How to apply for Suraj Estate Developers Limited IPO?

To start trading, investors have two ways to choose from. They either can opt for UPI or create a Demat account. The details are as follows:

UPI

  • Step 1: Link a UPI ID to your bank account
  • Step 2: Add your UPI ID to your Demat account
  • Step 3: Subscribe for Suraj Estate Developers Limited IPO and accept the payment request on your UPI ID

Demat Account

Suraj Estate Developers Limited Noteworthy Highlights:

  • Suraj Estate Developers are among the top two developers with 15.25% market share as per supply (in a number of units) and rank third with 13.50% market share as per absorption (in a number of units) in the residential sub-markets of Mahim, Matunga, Dadar, Prabhadevi, and Parel in South Central Mumbai region for calendar years 2016 to 2021 (till Q3). (Source: Company Commissioned Anarock Report).
  • They are present across the “value luxury” and “luxury” segments across multiple price points with unit values ranging from ₹10.00 million to ₹130.00 million.

The Brand’s Pros & Cons:

Pros Cons
Long-standing brand having a presence in the Value Luxury Segment and Luxury Segment of the South-Central Mumbai region's residential real estate market. The company, its subsidiaries, directors, promoter, and group companies are parties to several ongoing legal disputes.
Diversified product options with a range of pricing points in the portfolio. The company has obtained a few unsecured loans (as of December 31, 2021, the total amount of unsecured loans was 793.64 million).
A robust pipeline of projects that offer short-term cash flow visibility. The business has potential liabilities that may develop.
Significant experience in tenant eviction in redevelopment projects. The firm is vulnerable to risks from changes in the economy, the law, and other factors, as well as from natural calamities that may affect the South-Central Mumbai area and the real estate market as a whole.

Competitive Analysis: Market Peers

Name of Company Total Revenue Basic EPS Nav Rs. per share PE RONW (%)
Suraj Estate Developers 240.0 2.0 45.9 NA 21.54%
Oberoi Realty Limited 2052.6 20.3 257.7 42.9 7.89%
Godrej Properties Limited 764.9 -7.5 299.3 -205.9 -2.28%
Prestige Estate Projects Limited 36.3 166.5 299.3 12.1 21.81%
Suntech Realty Limited 613.9 3.0 197.5 166.0 1.51%
Sobha Limited 2109.8 6.6 256.0 116.8 2.57%
Brigade Enterprises Limited 1950.0 -2.2 111.3 -214.6 -1.97%
Kolte Patil Limited 691.7 -0.7 117.6 -375.2 -0.62%
Macrotech Limited 5448.6 1.0 116.2 1072.1 0.87%
Shriram Properties Limited 431.5 -4.6 56.4 -17.8 -8.15%
Indiabulls Real Estate Limited 1521.4 0.1 77.1 1093.0 0.12%
Mahindra Lifespace Developers Limited 166.2 -14.0 317.4 -21.1 -4.40%
Omaxe Limited 475.7 -12.9 76.8 -7.2 -16.74%

Suraj Estate Developers Limited IPO FAQs

What is Suraj Estate Developers Limited IPO?

Realty firm Suraj Estate Developers, filed its papers with SEBI in the month of March for an IPO comprising a fresh issue of shares aggregating to Rs500 crore with no offer for sale component.

When will the Suraj Estate Developers Limited IPO allotment be available?

Details are not available.

What will be the Suraj Estate Developers Limited IPO lot size?

Details are not available.

When will Suraj Estate Developers Limited IPO open for subscription?

Details are not available.

What minimum lot size can retail investors subscribe to?

The minimum investment size is one lot for retail investors.

When will Suraj Estate Developers Limited list on exchanges?

Usually, it takes ten working days from the last day of subscription to finally list the IPOs on the stock exchanges.

How to check the allotment status of Suraj Estate Developers Limited IPO?

Angel One investors can log in to their account to check the allotment status of Suraj Estate Developers Limited IPO.

Which exchanges will Suraj Estate Developers Limited IPO list on?

The IPO will list on NSE and BSE exchanges.

Is it possible for NRIs to use Angel One App to apply for Suraj Estate Developers Limited IPO?

NRIs can apply for Suraj Estate Developers Limited IPO through Angel One App using their UPI app if their bank supports it for NRE/NRO accounts.

Is it necessary to approve a UPI mandate request immediately?

Approving the UPI payment is the final step of the IPO application. Investors are allowed T+1 days to approve the payment on UPI.

How to apply for this Suraj Estate Developers Limited IPO via the Angel One App?

To apply from the Angel One app, find Suraj Estate Developers Limited in the active IPO list and click on apply.

What is the minimum order quantity for Suraj Estate Developers Limited IPO?

Details are not available.

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