Suraj Estate IPO Listing Date 2023: GMP Price, Lot Size and Other Details

Suraj Estate IPO Listing 2023: Suraj Estate Developers, the Kerala-based realty company, made its debut on the Indian stock exchanges (BSE and NSE) today, December 26, 2023. While investor expectations regarding the listing price were high, the actual opening did not quite match the pre-listing euphoria.

Introduction: Suraj Estate

Suraj Estate Developers Ltd of Mumbai recently held their initial public offering (IPO) on the Bombay Stock Exchange and National Stock Exchange (BSE/NSE). Here’s a brief introduction of Suraj Estate Developers Ltd as well as their IPO:

About Suraj Estate Developers Ltd:

  • Suraj Estate Developers Ltd was established in 1976 as a real estate development firm focused on Mumbai Metropolitan Region (MMR).
  • Our company specializes in developing residential projects in both the mid-segment and affordable housing categories.
  • They have an established track record of completing projects on time and within budget.
  • As of March 31st 2023, Suraj Estate held approximately 6.8 million square feet in landbank. This included various stages of development.
Suraj Estate IPO Listing

Suraj Estate IPO Listing: The Price Band and Grey Market Expectations:

Suraj Estate’s initial public offering price band was set between Rs340 to Rs360 per share, although grey market premiums, which can predict investor sentiment, indicated it may list with an initial premium of 15 to 20 rupees, potentially pushing its share price higher towards Rs375-380 per share.

The Listing Reality: Suraj Estate Developers IPO Listing

However, reality proved otherwise and instead of opening at a premium price of Rs360 on the NSE, the shares debuted with a discount of 5.56% to their issue price. While this may seem discouraging initially, there are other factors worth keeping in mind beyond initial dip.

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Suraj Estate IPO Listing and Details

IPO DateDecember 18, 2023 to December 20, 2023
Listing DateDecember 26, 2023
Face Value₹5 per share
Price Band₹340 to ₹360 per share
Lot Size41 Shares
Total Issue Size11,111,111 shares
(aggregating up to ₹400.00 Cr)
Fresh Issue11,111,111 shares
(aggregating up to ₹400.00 Cr)
Issue TypeBook Built Issue IPO
Listing AtBSE, NSE
Share holding pre issue33,250,000
Share holding post issue44,361,111

Suraj Estate Developers IPO Lot Size

Investors have the opportunity to bid for a minimum of 41 shares and in multiples of that quantity. The following table illustrates the minimum and maximum investment amounts for retail investors and High Net Worth Individuals (HNIs) in both shares and monetary terms.

ApplicationLotsSharesAmount
Retail (Min)141₹14,760
Retail (Max)13533₹191,880
S-HNI (Min)14574₹206,640
S-HNI (Max)672,747₹988,920
B-HNI (Min)682,788₹1,003,680

Positive Indicators:

  • Decent Subscription: The IPO was subscribed 15.65 times, indicating significant investor interest despite a volatile market.
  • Strong Financials: Suraj Estate boasts healthy financials with consistent growth in revenue and net profit.
  • Long-Term Market Trends: Indian real estate market is forecasted to experience a revival, which should benefit companies like Suraj Estate.

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Potential Reasons for the Discount:

  • Negative Market Sentiment: The overall market has been bearish lately, affecting IPO performance across sectors.
  • Profit Booking: Some investors who subscribed to the IPO might have sold their shares at the opening to secure quick profits.

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Moving Forward:

Although Suraj Estate’s listing price did not meet pre-listing expectations, its long-term prospects are positive. With strong financial performance and favorable market trends as its base, optimism should prevail among investors; but investors must continue monitoring and adapt their strategies according to changes in its stock performance.

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Conclusion

I hope that this article provides an accurate assessment of Suraj Estate’s IPO listing, both its initial dips and its ongoing strength. Keep in mind, however, that stock market dynamics are complex; accurately anticipating their performance cannot always be predicted with certainty.

Disclaimer: This article should only be taken as general purpose & should not be treated as financial advice. Before making any investment decisions based on this information provided in this article, always seek a qualified financial adviser opinion first.

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