Suraj Estate Developers IPO GMP Today ( Grey Market )

The Suraj Estate Developers IPO commenced on December 18, 2023, and concluded on December 20, 2023. The allotment of shares took place on December 21, 2023, and the initiation of refunds began on December 22, 2023. The shares were credited to the demat accounts of investors on December 22, 2023. Finally, the listing of Suraj Estate Developers on the stock exchange occurred on December 26, 2023.

The Suraj Estate Developers IPO was priced at ₹340 to ₹360 per share, with a lot size of 41 shares. The total issue size was ₹400 crores, comprising a fresh issue of ₹400 crores. The IPO was listed on both the NSE and BSE.

In terms of quota reservations, the QIB (Qualified Institutional Buyers) quota was reserved for 50% of the shares, the NII (Non-Institutional Investors) quota was reserved for 15% of the shares, and the retail quota was reserved for 35% of the shares.

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Established in 1986, Suraj Estate Developers Limited is a real estate construction company that prioritizes top-notch collaborations and client satisfaction.

With over 35 years of experience, the company has been actively involved in developing real estate in the residential and commercial sectors of South Central Mumbai. Suraj has successfully developed more than 10 lakh square feet of land in Mumbai. In the residential domain, Suraj caters to both “value luxury” and “luxury” segments, offering units with prices ranging from ₹10.00 million to ₹130.00 million. On the commercial front, Suraj has delivered custom-built corporate headquarters to institutional clients such as Saraswat Cooperative Bank Limited (Prabhadevi), National Stock Exchange of India, Union Bank of India, and Clearing Corporation of India Limited (Dadar). The company boasts a track record of completing over 40 projects spanning residential and commercial sectors in Mumbai.

From 2016 to Q1 2023, Suraj launched 15 residential projects, with 87% of them being redevelopment projects. As of March 31, 2023, Suraj has undertaken the redevelopment of homes for over 1,011 tenants at no cost, complying with regulation 33(7) of the Development Control and Promotion Regulation, 2034 (DCP Regulations). By May 31, 2023, the company has successfully completed 42 projects, covering a developed area exceeding 1,046,543.20 square feet in the South Central Mumbai region. Additionally, Suraj has 11 ongoing projects, with a developable area of 1,714,962.03 square feet, a saleable RERA carpet area of 497,774 square feet, and 21 upcoming projects with an estimated carpet area of 843,192 square feet.

Recognizing its excellence, Suraj Estate Developers was honored with the Best Developer of the Year – Residential award at the CNN-News18 Real Estate & Business Excellence Awards in Mumbai on February 2, 2020.

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