The quota reserved for retail individual investors (RIIs) was subscribed 2.82 times. The issue was booked 1.03% in the NII category. The portion allotted for qualified institutional bidders was subscribed 12%. According to market analysts, the current GMP of Suraj Estate Developers is Rs 50-60 in the unlisted market.
"With extensive market knowledge, SEDL is a market leader in the combined South-Central Mumbai submarkets. Yet, the company must contend with competition from a range of national and regional real estate developers. The IPO is coming at a P/E of 35.64, which looks fairly priced, so we recommend applying for this IPO for listing gains," said Swastika Investmart.
Suraj Estate Developers IPO: The fund raising has taken place just a day before the public issue opening next week. The subscription for the offer will start from December 18 and will continue till December 20