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The Initial Public Offering of Suraj Estate Developers Limited was subscribed 72% on the first day of bidding.

The issue received bids of 58,96,866 shares against the offered 82,35,293 equity shares, at a price band of ?340-360, according to the data available on the stock exchanges.

Retail Portion was subscribed 1.24 times. Non-Institutional Investors Portion was subscribed 0.28 times, whereas Qualified Institutional Buyer Portion subscribed 0.12 times. The issue kicked off for subscription on Monday, December 18, 2023 and will close on Wednesday, December 20, 2023.

A day prior to the opening of the issue, Suraj Estate Developers Ltd had raised Rs 120 crores from anchor investors. Foreign and Domestic Institutions who participated in the anchor were SBI General Insurance Company, Tata MF, ITI MF, Aditya Birla Sun Life, Jagdish Master managed Quantum-State Investment Fund, Blue Lotus Capital, Lighthouse Canton, Societe Generale, BNP Paribas and Meru Investment Fund.

Leading brokerages like Arihant Capital Markets, BP Equities, Sushil Finance, Swastika Investmart, and Ventura Securities have given a “SUBSCRIBE” rating to the issue, highlighting the realtor’s strengths in its adeptness at tenant settlement for unlocking value in redevelopment projects, completion of numerous ventures over the years, and a customer-centric approach addressing diverse preferences. While financial metrics like revenue growth and strong market presence earn recognition, concerns arise regarding dependency on third-party laborers and mixed factors influencing investment decisions."

ITI Capital Limited and Anand Rathi Advisors Limited are the book running lead managers and Link Intime India Private Limited is the registrar to the offer.

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