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The IPO of Suraj Estate Developers was booked over 15.65 times at close. The retail portion of the issue was subscribed 9.3 times, and the non-institutional category s subscription rate stood at 18.9 times.
Since most of the land parcels in the South-Central Mumbai market are re-development projects, the company s core competence lies in tenant settlement, which is a crucial element for unlocking value on such land parcels.
The IPO of Suraj Estate Developers was booked over 15.65 times at close. The retail portion was subscribed 9.3 times, and the non-institutional category s subscription rate stood at 18.9 times. The net proceeds to be raised from the fresh issue will be used towards repayment of debt of the company and its subsidiaries, acquisition of land or land development rights, and other general corporate purposes.
Upon the conclusion of this issue, the company expects to pay off around Rs 285 crore of debt, leaving approximately Rs 270 crore against a paid-up capital of Rs 500 crore.