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Home»IPO Analysis»Suraj Estate Developers Limited | IPO Analysis
IPO Analysis

Suraj Estate Developers Limited | IPO Analysis

Vicky NagarBy Vicky Nagar17 December 2023Updated:17 December 2023No Comments3 Mins Read
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About the Company:

Established in 1986, the company is a key player in Mumbai's real estate, focusing on both residential and commercial projects in Mahim, Dadar, Prabhadevi, and Parel. Specializing in value luxury and the commercial sector, it is now expanding to Bandra. The company relies on third-party contractors for construction and excels in redeveloping tenanted properties.

With 42 completed projects covering 1,046,543.20 sq ft and 13 ongoing projects totaling 20,34,434.40 sq ft, the company maintains a consistent project delivery pace. It holds land reserves in Bandra and Santacruz for future development, spanning 10,359.77 sq meters as of October 31, 2023.

IPO Objectives:

The fresh issue aims to directly benefit the company. The net proceeds will be used for:

  1. Repayment/prepayment of outstanding borrowings.
  2. Acquisition of land/land development rights.
  3. General corporate purposes.

Promoter Holding:

Mr. Rajan Meenathakonil Thomas is the promoter of the company.

Share Holding Pre Issue100%
Share Holding Post Issue74.95%

Summary of Financial Information:

Period Ended 30 Jun 2023 31 Mar 2023 31 Mar 2022 31 Mar 2021
Assets 994.73 942.58 864.00 792.00
Revenue 102.81 307.89 273.91 244.00
Profit After Tax 14.53 32.06 26.50 6.28
Net Worth 86.11 71.39 39.16 29.15
Reserves and Surplus 70.29 55.48 23.32 22.94
Total Borrowing 598.50 593.09 638.16 600.48
Amount in Rs. Crore

Key Performance Indicators:

KPI Values
P/E (x) 35.64
Post P/E (x) 49.81
Market Cap (Rs. Cr.) 1597
ROE 58.18%
ROCE 21.93%
Debt/Equity 8.31
EPS (Rs) 10.1
RoNW 58.18%
Suraj Estate Developers IPO Market Cap is Rs 1597 Cr and P/E (x) is 35.64.

Comparison with Peers:

Company Name EPS (Basic) EPS (Diluted) NAV (per share) (Rs) P/E (x) RoNW (%)
Suraj Estate Developers Limited 10.1 10.1 22.49 35.64 58.18
Oberoi Realty Limited 52.38 52.38 335.81 20.44 16.83
Sunteck Realty Limited 0.1 0.1 198.45 3,724.50 0.62
Keystone Realtors Limited 7.67 7.67 146.59 79.58 6.29
Shriram Properties Limited 3.88 3.88 70.58 17.02 5.63
Mahindra Lifespace Developers Limited 6.56 6.56 116.75 73.91 5.64
D B Realty Limited -2.94 -2.94 60.69 -25.85 -5.93
Hubtown Limited 4.16 4.16 171.03 10.93 2.03
Suraj Estate Developers Limited peer comparison with similar listed entities. (As on March 31, 2023)

Key IPO Details:

IPO Date December 18 to December 20, 2023
Listing Date December 26, 2023
Face Value Rs. 5 per share
Price Band Rs. 340 to Rs 360 per share
Lot Size 41 Shares
Total Issue Size 11,111,111 shares (Rs. 400.00 Cr)
Fresh Issue 11,111,111 shares (Rs. 400.00 Cr)
GMP Rs. 66 (18.33%) [Only for information purpose]
As of 17th Dec, 2024

Note: For additional information & risk factors please refer to the Red Herring Prospectus

Disclaimer: We are not SEBI registered. All the views are personal and only for educational purposes. Do your due diligence before making any trading or investing decisions. The data provided in this blog post is for illustrative purposes only and does not constitute financial advice. Always consult with a qualified financial advisor before making investment decisions.

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Vicky Nagar
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Vicky Nagar is an equity trader with 5+ years of experience in trading and investing. He has expertise in equity valuation, sectoral analysis, index analysis, and in identifying the market trends. He is a NISM Certified Research Analyst. Formerly a relationship manager at Kotak Mahindra Bank Limited in the Agri-Business Group, he also has teaching experience at KS School of Business Management, Gujarat University, and as an Academic Associate at IRMA (Institute of Rural Management Anand). He holds a BBA (Gold Medalist) and an MBA (Gold Medalist) in Marketing.

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