Suraj Estate Developers has re-filed draft red herring prospectus (DRHP) with Securities and Exchange Board of India (SEBI) to raise Rs 400 crore through an initial public offering (IPO). Before this, the company filed its draft IPO papers in March 2022.
Proceeds to the tune of Rs 285 crore would be used towards the payment of debt availed by the company and its subsidiaries -- Accord Estates and Iconic Property Developers -- and up to Rs 35 crore for the acquisition of land, the remaining funds will be used for general corporate purposes. ITI Capital and Anand Rathi Advisors are the book-running lead managers to the issue.
The company, which operates in both residential and commercial real estate, has completed 42 projects, spanning a developed area of over 1.05 million square feet in Mumbai as on May 2023. Additionally, it has 11 ongoing projects and 21 upcoming projects.
