IPO Details

Bidding Dates

18 Dec '23 - 20 Dec '23

Minimum Investment

₹14,760 / 1 Lots ( 41 Shares )

Price Range

₹340 - ₹360

Maximum Investment

₹191,880 / 13 Lots ( 533 Shares )

Retail Discount

Not Applicable

Issue Size

₹400.00 Cr

Investor category and sub category

Qualified Institutional Buyers   |   Non-Institutional Investors  |   Retail Individual Investors  |  

IPO Dates

Important dates with respect to IPO allotment and listing

IPO Opening Date

Dec 18, 2023

IPO Closing Date

Dec 20, 2023

Basis of Allotment

Dec 21, 2023

Initiation of Refunds

Dec 22, 2023

Credit of Shares to Demat Account

Dec 22, 2023

IPO Listing Date

Dec 26, 2023

UPI Mandate Expiry Date

Dec 20, 2023

IPO Subscription Details


Day 1Dec 18, 2023

0.13x 0.30x 1.37x 0.78x

Day 2Dec 19, 2023

0.13x 2.18x 4.18x 2.60x

Day 3Dec 20, 2023

0.13x 3.45x 5.05x 3.30x

IPO Subscription Live Status

Investor Category Subscription (Times)
Qualified Institutions Buyers 0.13
Non-Institutional Buyers 3.45
Retail Investors 5.05
Total 3.30

About Company

Founded in 1986, Suraj Estate Developers Limited is a notable player in the real estate construction sector, primarily focusing on residential and commercial property development in South Central Mumbai.

The company exclusively relies on external third-party contractors for construction services, not engaging in direct construction activities.

To date, Suraj Estate Developers Limited has successfully completed 42 projects, covering an impressive area of over 1.04 million square feet in the South-Central Mumbai region. Its residential offerings span the value luxury to luxury segments, with unit prices ranging from ₹10 million to ₹130 million.

With a history stretching back to 1986, Suraj Estate Developers has carved out a significant presence in the real estate sector, holding a 15.25% market share in unit supply in Mumbai's suburban regions like Mahim, Matunga, Dadar, Prabhadevi, and Parel over 2016-2021.

The company's current portfolio includes 13 ongoing projects with a developable area of approximately 2.03 million square feet and a saleable carpet area of around 6,09,928 square feet. Additionally, there are 16 upcoming projects anticipated to have an estimated carpet area of 7,44,149 square feet.

Among its notable projects are Suraj Eleganza-II, ICICI Apartments, CCIL Bhavan (Phase-I up to the 6th floor), Tranquil Bay-I, Elizabeth Apartment, Mon Desir, St. Anthony Apartments, Lumiere, Tranquil Bay-II, Brahmsidhhi CHS, Jacob Apartments, Suraj Eleganza-I, Gloriosa Apartments, and others.

Working with esteemed architects like Sanjay Puri Architects and Vivek Bhole Architects Private Limited, the company continues to make significant strides in the real estate sector.

Industry Outlook 

  1. India's real estate market is expected to grow from ₹12,000 crore (US$ 1.72 billion) in 2019 to ₹65,000 crore (US$ 9.30 billion) by 2040 and reach US$ 1 trillion by 2030, contributing 13% to the GDP by 2025.
  2. By 2047, the sector is projected to expand to US$ 5.8 trillion, accounting for 15.5% of India's GDP, up from 7.3%.
  3. In FY23, the residential property market in India saw a record high, with home sales valued at ₹3.47 lakh crore (US$ 42 billion), a 48% year-on-year increase, and a 36% rise in sales volume to 3,79,095 units.

Suraj Estate Developers Limited IPO Details

Suraj Estate Developers Limited IPO Date

The IPO of Suraj Estate Developers Limited is open for subscription from December 18, 2023 to December 20, 2023.

Suraj Estate Developers Limited IPO's Price Band

The exact price range is ₹340 to ₹360.

Suraj Estate Developers Limited IPO’s Lot Size

The minimum lot size is 41 shares.

Suraj Estate Developers Limited IPO’s Objectives 

The company plans to allocate the net proceeds from the issuance to the following purposes:

  1. Repayment of Existing Borrowings: Suraj Estate Developers intends to allocate ₹2,850 million from their IPO proceeds towards the repayment or prepayment of existing debts of the company and its subsidiaries, which include Accord Estates Private Limited, Iconic Property Developers Private Limited, and Skyline Realty Private Limited.
  2. Acquisition of land or land development rights:The company has earmarked ₹350 million for acquiring land or land development rights as part of its expansion and growth strategy.
  3. General Corporate Purposes: A portion of the funds raised will also be utilised for general corporate purposes, as required by the company's ongoing operations and future plans.

How To Check the Allotment Status of Suraj Estate Developers Limited’s IPO?

Steps to check IPO allotment status on Angel One’s app:

  • Log in to the Angel One app
  • Go to the IPO Section and then to IPO Orders
  • Select the individual IPO that you had applied for and check the allotment status.
  • As such, Angel One will notify you of your IPO allotment status via push notification and email.

Contact Details of Suraj Estate Developers Limited

Registered office: 301, 3rd Floor, Aman Chambers, Veer Savarkar Marg, Opp. Bengal Chemicals, Prabhadevi, Mumbai 400025, Maharashtra, India

Contact Person: Shivil Kapoor (Company Secretary and Compliance Officer)

Phone: +91 22 4015 4746, +91 22 401544764

E-mail: suraj@surajestate.com

Company Financials

Particulars (in Rs. Crores) FY21 FY20 FY19
Total Income 2,739.07 2,439.98
EBITDA Margin (%) 48.30% 36.10%
Profit After Tax (PAT) 265.04 62.77
PAT Margin (%) 9.72% 2.62%
Total Borrowings 6,381.57 6,004.78
Cash & Cash Equivalents 76.86 68.17
Debt to Equity Ratio(x) 16.30 20.60
Return on Equity (%) 77.22% 23.62%
Return on Capital Employed (RoCE) (%) 19.42% 14.51%
Earning Per Share (EPS) in absolute ₹ 8.35 1.98

Know before investing


  1. Renowned for its established brand, the company holds a significant position in both the Value Luxury and Luxury Segments within South-Central Mumbai's residential real estate market.

  2. The company boasts a varied portfolio featuring a range of product offerings at different price points.

  3. A robust pipeline of projects ensures clear visibility of cash flows in the near term.

  4. The company employs creative and effective marketing and sales approaches.

  5. The firm possesses considerable expertise in managing tenant resettlement in redevelopment projects.


  1. The company and its subsidiaries, including its directors, promoter, and group companies, are currently involved in various litigation proceedings.

  2. Challenges have been faced in identifying and acquiring suitable land or development rights.

  3. The company has taken on certain unsecured loans, amounting to ₹793.64 million as of December 31, 2021.

  4. There are contingent liabilities present within the company, which hold potential future financial implications.

  5. The company's operations are subject to risks stemming from economic, regulatory, and other changes, along with potential natural disasters in the South-Central Mumbai area, which also affect the overall performance of the real estate sector.

  • How to Apply in IPO
  • How to Check IPO Allotment Status

Login to Angel One App / Website & click on IPO

Select desired IPO & tap on "Apply"

Enter UPI ID, set quantity/price & submit

Accept mandate on the UPI app to complete the process

Login to Angel One App / Website

Choose IPO section on Home Page

Click IPO Orders

Chose the IPO application you want to view the status for

Suraj Estate Developers IPO FAQs

What is Suraj Estate Developers Limited IPO?

Suraj Estate Developers Limited IPO is a book-building issue.  The exact price range has ₹340 to ₹360.

When will Suraj Estate Developers Limited's IPO be allotted?

The Suraj Estate Developers Limited’s shares will be allotted on December 21, 2023.

When will Suraj Estate Developers Limited's IPO open for subscription?

The IPO subscription window for Suraj Estate Developers Limited will open on December 18, 2023.

What minimum lot size can retail investors subscribe to?

The minimum lot size is 41 shares.

When will Suraj Estate Developers Limited list on exchanges?

Suraj Estate Developers Limited will be listed on BSE and NSE. The stock will be listed on December 26, 2023.

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. You will get T+1 days to approve the payment mandate in your UPI handle.

What would be the listing gains on Suraj Estate Developers Limited IPO?

Listing gains cannot be ascertained before listing the IPO on the stock exchange.

I have finished the application process for Suraj Estate Developers Limited, but the funds still need to be debited. What is the reason?

Initially, the bank will only block the amount in your account. The money will not be debited until the stocks are allotted to you. 

How do I approve the UPI mandate request for Suraj Estate Developers Limited's IPO?

You must complete the payment process by logging in to your UPI handle and approving the payment mandate.

Can I submit more than one application for the public issue of Suraj Estate Developers Limited using one PAN?

You can submit only one application using your PAN card.