Shares of Suraj Estate Developers Ltd. ended on Tuesday at Rs 334.9 apiece, a discount of 6.9% to its IPO price on the National Stock Exchange.
The scrip ended at Rs 334.2 apiece on the Bombay Stock Exchange.
Shares of Suraj Estate Developers debuted at Rs 340 apiece on the NSE, a discount of 5.56% to its IPO price of Rs 360 apiece.
The Rs 400 crore initial public offering was subscribed 15.65 times on its third and final day. The bids were led by institutional investors (24.31 times), followed by non-institutional investors (18.9 times) and retail investors (9.3 times).
The company will use the net proceeds of the IPO mainly for the repayment of outstanding borrowings by the company and its subsidiaries and the acquisition of land or land-development rights.
Since incorporation, the company has completed 42 projects, with a developed area of more than 1.04 crore square feet in the south-central Mumbai region.
The company also has 13 ongoing projects with a developable area of 20.3 lakh square feet and a saleable carpet area of 6.09 lakh square feet. It has 16 upcoming projects with an estimated carpet area of 7.44 lakh square feet.
Going ahead, the company has planned three residential launches in Bandra, along with a commercial project on Tulsi Pipe Road of 1 lakh square feet, said Rahul Thomas, executive director of Suraj Estate Developers.
The company will be meeting its guidance targets for the current fiscal, Thomas said.
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