Suraj Estate Developers Limited | Globe Capital Market LTD.
Suraj Estate Developers Limited
Price Band
₹340 to ₹360
IPO Issue Period
Dec 18, 2023 to Dec 20, 2023
Issue Size
₹400.00 Cr
Face value
₹5 per share
Fresh issue
₹400.00 Cr
Offer for sale
Minimum Shares for Retail
Listing on
Issue Type
Book Building
Registrar to the Issue
Link Intime India Private Ltd
Tentative Listing Date
Dec 26, 2023

Iti Capital Ltd
Anand Rathi Securities Limited

Incorporated in 1986, Suraj Estate Developers Limited is a real estate construction company with a focus on best-in-class collaborations and client assurance.

The company has over 35 years of experience in developing real estate across the residential and commercial sectors in the South Central Mumbai region. Suraj has developed over 10 lakh square feet of land in Mumbai. In the residential portfolio, Suraj is present across the “value luxury” and “luxury” segments across multiple price points with unit values ranging from ₹10.00 million to ₹130.00 million. In the commercial portfolio, Suraj has constructed and sold built-to-suit corporate headquarters to institutional clientele namely, Saraswat Cooperative Bank Limited (Prabhadevi), National Stock Exchange of India, Union Bank of India, and Clearing Corporation of India Limited (Dadar). The company has built more than 40 projects across residential and commercial segments in Mumbai.

From 2016 to 2023 (Q1), the company has launched 15 residential projects out of which 13 projects (~87%) are redevelopment 178 projects. As of March 31, 2023, Suraj has redeveloped houses for more than 1,011 tenants free of cost under regulation 33(7) of the Development Control and Promotion Regulation, 2034 (DCP Regulations). As of May 31, 2023, the company has completed 42 projects with a developed area of more than 1,046,543.20 square feet in the South Central Mumbai region. In addition to the Completed Projects, it has 11 Ongoing Projects with a developable area of 1,714,962.03 square feet, and saleable RERA carpet area of 497,774 square feet, and 21 Upcoming Projects with an estimated carpet area of 843,192 square feet.

Suraj Estate Developers was awarded Best Developer of the Year – Residential at the CNN-News18 Real Estate & Business Excellence Awards in Mumbai, on February 2, 2020.

For year/ period ended ( in Cr.)

H1FY23 FY22 FY21
Total Revenue 305.74 272.22 239.99
Profit After Tax 32.06 26.50 6.28
EPS 10.10 8.35 1.98
OPM (%) 49.39% 48.30% 36.10%
PATM (%) 10.49% 9.72% 2.62%


• It 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;
• It has diversified portfolio encompassing product offerings across various price points in value luxury and luxury segments;
• It 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
• It has an experienced promoter and management team with our Chairperson and Managing Director who is also our Promoter, having over thirty six (36) years of experience in various aspects of real estate business.

• Repayment/Prepayment of the aggregate outstanding borrowings of the company and its subsidiaries, Accord Estates Private Limited and Iconic Property Developers Private Limited.
• Acquisition of land or land development rights.
• General corporate purposes.

The Company has posted steady growth for the reported periods and the management is confident of repeating the same with the work on hand and the land parcel bank. Based on FY24 annualized earnings, the issue appears fully priced. Hence, investor should subscribe for medium to long term.

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