Public Market

IPO

Suraj Estate Developers IPO subscribed 15.65 times

MoneyControl  

Suraj Estate Developers IPO was subscribed 15.65 times with investors sending in bids for 12.88 crore shares against the offer size of 82.35 lakh shares. Retail investors bought 9.30 times and high net-worth individuals (HNIs) picked 18.9 times their allotted quota of shares. Qualified institutional buyers (QIBs) had picked 24.31 times the reserved portion. Anchor investors put INR 120 crore ahead of the IPO. Suraj Estate Developers was looking to raise INR 400 crore through the IPO, a fresh issue of 1.11 crore shares. The price band has been fixed at INR 340-360 a share with a lot size of 41 shares. Suraj Estate will use the fresh issue proceeds to repay debts of INR 285 crore, while INR 35 crore will be used to acquire land or land development rights in the Mumbai Metropolitan Region.