Suraj Estate Developers refiles draft papers for Rs 400-crore IPO

Suraj Estate Developers, a major player in the Indian real estate sector, has submitted updated IPO paperwork to the Securities and Exchange Board of India (Sebi), the governing body for India's capital markets.

The Mumbai-based property film had originally submitted its IPO paperwork draught in March of 2022.

According to the new draught red herring prospectus (DRHP) submitted on Monday, the IPO will consist completely of a fresh issue of equity shares valued at up to Rs 400 crore, with no offer for sale (OFS) component.

While up to Rs 35 crore would be utilised for land purchase, the remaining funds will be used for general corporate purposes and to repay debt taken on by the firm and its subsidiaries Accord Estates and Iconic Property Developers.

As of May 2023, the company had finished 42 residential and commercial real estate projects totaling over 1.05 million square feet in Mumbai. It also includes 21 future initiatives in addition to the 11 currently underway.

Revenue increased to Rs 306 crore in FY23 from Rs 273 crore in FY22, an increase of 12 percent, and net income increased to Rs 32 crore from Rs 26.50 crore, a 21 percent increase.

The issue's book-running lead managers are ITI Capital Ltd and Anand Rathi Advisors Ltd.

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