Suraj Estate Developers Ltd IPO: Issue Details, Open/Close Date | Research 360 by Motilal Oswal
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Suraj Estate

CMP

412.15

+11.00 (2.74%)

  • DRHP
₹360

Offer Price

₹ 400.00 Cr

Issue Size

₹ 14,760

Min Investment

15.65x

Times Subscribed

41

Lot size

Time Line

  • 18
    Dec 2023
    Open
  • 20
    Dec 2023
    Close
  • 21
    Dec 2023
    Finalisation of Basis of Allotment
  • 22
    Dec 2023
    Initiation of Refunds
  • 22
    Dec 2023
    Transfer of Shares to Demat Account
  • 26
    Dec 2023
    Listing Date

Shares Offered

Number of Times Subscribed

Objects of the Offer

  • Enhance its leading market position in the South Central Mumbai region by leveraging its Upcoming Projects

  • Continue to focus on redevelopment projects through asset light model

  • Continue to pursue its differentiated product offerings in value luxury segment.

  • Continue to expand Land Reserves in South Central Mumbai region and opportunistically build its position in other sub markets within MMR region

  • Continue to selectively develop Commercial Projects in the South Central Mumbai region

Products & Services

  • The Company is among the prominent residential real estate developers, focused primarily on construction and development of residential and commercial projects, in and around sub market of South Central Mumbai.

Strengths

  • The Company has established brand with a long standing presence in Value Luxury Segment and Luxury Segment in the residential real estate market of South Central Mumbai region;

  • The Company has diversified portfolio encompassing product offerings across various price points in value luxury and luxury segments;

  • The Company has expertise in tenant settlement in the redevelopment projects in residential sub-markets of Mahim, Matunga, Dadar, Prabhadevi, and Parel;

  • Its marketing and sales strategies

  • The Company has an experienced promoter and management team with its Chairperson and Managing Director who is also its Promoter, having over thirty six (36) years of experience in various aspects of real estate business.

Risks

  • Its business is dependent on the performance of, and the conditions affecting, the real estate sub markets in the South-Central Mumbai region. As of October 31, 2023, the company did not have any ongoing projects in any other areas apart from South Central Mumbai. Consequently, the company is exposed to risks from economic, regulatory and other changes as well as natural disasters in the South Central Mumbai region, which in turn may have an adverse effect on its business, results of operations, cash flows and financial condition.

  • Any uncertainty in its title to the company real estate assets could have a material adverse impact on its current and future revenue.

  • Its redevelopment projects require compliance of the provisions of Regulation 33(7) of the Development Control and Promotion Regulation, 2034. The compliance inter alia involves tenant settlement, approvals from MHADA & MCGM, construction of the tenant and saleable portion units.

  • Its Inability to complete the company Ongoing Projects and Upcoming Projects by their respective expected completion dates or at all could have a material adverse effect on its business, results of operations and financial condition.

  • As of October 31, 2023, the company has total 216 unsold units in its Ongoing Projects. If its not able to sell the company project inventories in a timely manner, then it may adversely affect its business, results of operations and financial condition.

Company Promoters

Promoters Holding

Issue For IPO
20.55%
Pre Holding

82.05%

Post Holding

61.50%

Top Promoters Holding

Financials

All values in Cr

Mar-2022 Mar-2023 Mar-2023 3-Yr trend
Revenue 272.72 (13.60%) 305.74 (12.10%) 58.18 (-)
Gross Profit 272.72 (13.60%) 305.74 (12.10%) 58.18 (-)
Net Income 272.72 (13.60%) 305.74 (12.10%) 58.18 (-)
Assets 272.72 (13.60%) 305.74 (12.10%) 58.18 (-)
Liabilities 272.72 (13.60%) 305.74 (12.10%) 58.18 (-)

Peers

Company Name Revenue (Cr) Net Profit (Cr) Assets (Cr) Liabilities (Cr) ROE EPS BVPS Current Ratio Debt to Assets
Suraj Estate Developers Ltd 305.74 32.16 670.67 599.27 58.18 10.13 22.49 3.29 0.88
Oberoi Realty Ltd 4,192.58 1,904.55 18,641.00 18,641.00 15.59 52.38 335.81 10.21 0.32
Godrej Properties Ltd 764.92 -189.43 16,247.66 16,247.66 -2.27 -7.48 299.33 -1.16 0.54
Prestige Estates Projects Ltd 7,264.40 1,456.20 26,718.90 26,718.90 21.81 36.32 176.98 5.45 0.54
Sunteck Realty Ltd 362.45 1.41 7,258.63 7,258.63 0.05 0.10 198.45 0.01 0.25
Sobha Ltd 2,151.76 62.28 11,210.15 11,210.15 2.56 6.57 255.96 0.55 1.23
Brigade Enterprises Ltd 1,949.97 -46.32 13,820.09 13,820.09 -1.98 -2.24 116.40 -0.33 1.71
Kolte Patil Developers Ltd 691.74 -5.52 3,901.31 3,901.31 -0.61 -0.73 117.64 -0.14 0.56
Macrotech Developers Ltd 5,448.57 40.16 39,308.11 39,308.11 0.87 1.01 129.48 0.10 3.95
Shriram Properties Ltd 674.40 65.97 3,641.38 3,641.38 5.49 3.88 70.60 1.81 0.53
Indiabulls Real Estate Ltd 1,521.42 4.30 8,756.73 8,756.73 0.14 0.10 67.96 0.04 0.35
Mahindra Lifespace Developers Ltd 606.61 101.41 3,610.73 3,610.73 5.61 6.56 116.76 2.80 0.15
Omaxe Ltd 475.70 -235.18 11,042.34 11,042.34 -19.93 -12.86 65.43 -2.12 0.81
Keystone Realtors Ltd 685.66 81.95 4,515.17 4,515.17 4.90 7.67 148.11 1.81 0.61
D B Realty Ltd 698.24 -90.38 8,447.67 8,447.67 -4.22 -2.94 58.77 -1.06 1.21
Hubtown Ltd 319.09 30.50 4,504.19 4,504.19 2.33 4.16 174.06 0.67 0.66

Book Running Managers

  • ITI Capital Ltd
  • Anand Rathi Advisors Ltd

Registrar & Transfer Agent

Link Intime India Pvt Ltd

C-101 247 Park,
L B S Marg,
Vikhroli West - Mumbai-400083
Phone : 91-22-49186000 Fax: 91-22-49186060

Company Contact Information

301 3rd Floor Aman Chambers,
V S Marg Opp.Bengal Chemicals,
Mumbai - 400025
Phone : 91-22-4015 4746/+91-22 4015 4764 Email : suraj@surajestate.com www.surajestate.com

Offer Related Information

Initial public offering of 11,111,111^ equity shares of face value Rs. 5 each ("Equity Shares") of Suraj Estate Developers Limited ("The Company" or the "Issuer") for cash at a price of Rs. 360 per equity share (including a securities premium of Rs. 355 per equity share) ("Issue Price"), aggregating to Rs. 400.00 crores^ (the "Issue"). The issue constitutes 25.05% of the post-issue paid-up equity share capital of the company. The face value of equity shares is Rs. 5 each. The issue price is... More

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