Suraj Estate Developers Ltd. IPO

Suraj Estate Developers Ltd.

IPO Listing Details

Listed On


Listed On

Issue Price


Issue Price

Listing Price


Listing Price

Listing Gains

-₹16.20 (-4.50%)

Listing Gains

IPO Details

Bidding Dates

18 Dec - 20 Dec '23

Bidding Dates

Min. Investment


Min. Investment

Lot Size


Lot Size

Price Range

₹340 - ₹360

Price Range

Issue Size

378 Cr

Issue Size

Subscription Rate

  • Retail Individual Investor
  • Non-Institutional Investor
  • Qualified Institutional Buyers
  • Employees

About Company

Suraj Estate Developers Limited is a real estate construction company founded in 1986. The company builds residential and commercial real estate in the South Central Mumbai area. The business does not provide any in-house construction services and is entirely reliant on third-party contractors to complete its Projects. Suraj Estate Developers Limited has finished 42 properties in the South-Central Mumbai area and has 13 ongoing projects. Suraj Eleganza-II and ICICI Apartments, CCIL Bhavan (Phase-I up to 6th floor) and Tranquil Bay-I, Elizabeth Apartment and Mon Desir, St. Anthony Apartments, Lumiere and Tranquil Bay-II, and others are among the company's projects. The fresh issue portion of the IPO of Suraj Estate Developers Ltd comprises the issue of 1,11,11,111 shares (111.11 lakh shares approximately), which at the upper price band of ₹360 per share translates into a fresh issue size of ₹400.00 crore.

Important Dates - Suraj Estate Developers IPO

Application opens on 18th December 2023
Last date of application 20th December 2023
Date of Allotment 21st December 2023
Refund begins from 22nd December 2023
Credit of shares to Demat 22nd December 2023
Listing date 26th December 2023

Why should you invest in Suraj Estate Developers Ltd. IPO?

While Suraj Estate Developers gained recognition for its speciality play in Regulation 33 (7) of DCPR, some of the notable projects such as ICICI Apartments, NEAT House, Saraswat Bank Bhavan, CCIL Bhavan, and others provided credentials for its working style. The business has shown consistent growth in the reported periods, and management is confident that this will continue with the work on hand and the land parcel bank. The issue looks to be fully priced based on FY24 annualised earnings. Investors can lodge money for the medium to long term.

Suraj Estate Developers IPO Grey Market Premium

Date GMP
15th December Rs.65
14th December Rs.55


Suraj Estate Developers IPO Noteworthy Highlights

  • Since there is no Offer For Sale (OFS) component in the Suraj Estate Developers IPO, the fresh issue portion will also double as the overall size of the IPO. 


  • The fresh issue portion will mainly be used for repayment/prepayment of borrowings of the company and also for the borrowings of its subsidiaries. A part of the funds will go towards the acquisition of land and land development rights. The remaining portion will be utilised for general corporate purposes.

Suraj Estate Developers Ltd. IPO - SWOT Analysis


Suraj Estate Developers is a strong brand and has created a presence in the industry by operating for more than 30 years and developing 42 projects in total. The company has generated positive cash flow in the last two years. The company is also venturing into residential real estate development in the Bandra sub-market which will bring more visibility to the brand.



The company is very dependent on third-party contractors for construction services making the operations vulnerable. As Suraj Estate Developers operate in a capital-intensive industry, most of their funds will be utilised to repay debt. 



Improved access to home loans and more demand for office space are all projected to fuel growth. Rising income levels will also help it scale up, as will increased demand for luxury houses and business space. Furthermore, since the implementation of the RERA Act, there has been an increasing desire for organised participants.



The company operates in a highly fragmented market and faces immense competition in terms of growth and revenue. As of June 2023, the company’s net debt-to-equity ratio stood at 6.4 times.  


Financial Snapshot - Suraj Estate Developers

Check out the financial performance of Suraj Estate Developers for recent years:

Financial Year Total Assets Total Revenues Net Profit
March 2021 Rs 489.62 crore Rs 164.25 crore Rs 6.12 crore
March 2022 Rs 563.20 crore Rs 204 crore Rs 14.88 crore
March 2023 Rs 721.25 crore Rs 246 crore Rs 37.96 crore

A competitive analysis

Suraj Estate Developers has Oberoi Realty Limited, Keystone Realtors Limited, Shriram Properties Limited and Mahindra Lifespace Developers Limited as its peers. Take a look at their performances:


Competitive Analysis - Suraj Estate Developers Ltd. IPO

Company Name Market Capitalisation(Rs.Cr) 1-Year Return
Oberoi Realty Limited 54,142 63.78%
Keystone Realtors Limited 6,710 14.21%
Shriram Properties Limited 2,025 45.83%td>

How to apply for Suraj Estate Developers Ltd. IPO?

You can apply for the Suraj Estate Developers Ltd. IPO in these ways:

Link your personal bank A/C to a trusted UPI ID and map it with your TradeSmart account. Now, proceed further to book your IPO. On acceptance of the mandate, the bid amount will get blocked in your bank account Learn more.

Demat Account

1. If you are an Existing TradeSmart demat account holder and wish to apply for an Suraj Estate Developers Ltd. click here.
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Suraj Estate Developers Ltd. IPO FAQs

What are the opening and closing dates for Suraj Estate Developers IPO?

Suraj Estate Developers IPO will open for subscription on December 18 and close on December 20.


What is the price band for Suraj Estate Developers IPO?

The price band for Suraj Estate Developers IPO is ₹340 to ₹360 per share.


Who is taking part in the OFS?

There will be no Offer For Sale (OFS) component.


What is the minimum and maximum lot size for Suraj Estate Developers IPO?

The minimum lot size for Suraj Estate Developers IPO is 1 and it can go up to 13. 


What will be the promoter shareholding in Suraj Estate Developers after the IPO?

The promoter shareholding in Suraj Estate Developers after the IPO will be 75%.


Who are Suraj Estate Developers IPO Lead Managers?

ITI Capital Ltd. and Anand Rathi Securities Limited are the joint Book-Running Lead Managers (BRLMs) to the issue.


Who is the registrar of the issue?

Link Intime India Pvt Ltd. is the registrar for Suraj Estate Developers IPO.


When will the Suraj Estate Developers IPO allotment take place?

The finalisation of the basis of allotment for Suraj Estate Developers IPO will be done on December 21, and the allotted shares will be credited to investors’ demat accounts by December 22.


When and where will the Suraj Estate Developers shares be listed?

The equity shares of Suraj Estate Developers are proposed to be listed on December 26, 2023, on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).


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