Suraj Estate Developers IPO
Suraj Estate Developers Limited (SURAJEST) · mainboard IPO on NSE and BSE · 100% Book Building. Listed on 26 December 2023.
Issue details
Listing day
Back-tested estimate (from a model that had only seen earlier years' IPOs): listing gain +0.6% (likely range -2% to +6%), day's high +6.9%, chance of a gain 50%. Actual: -5.6% at the open, -1.5% at the high.
Subscription status
| Category | Shares offered | Shares bid for | Subscribed | |
|---|---|---|---|---|
| QIB (institutions) | 23,52,940 | 5,72,01,396 | 24.3x | |
| NII (HNI) total | 17,64,706 | 3,33,60,757 | 18.9x | |
| Big NII (above ₹10 lakh) | 11,76,471 | 2,04,10,005 | 17.3x | |
| Small NII (₹2-10 lakh) | 5,88,235 | 1,29,50,752 | 22.0x | |
| Retail | 41,17,647 | 3,82,86,784 | 9.30x | |
| Total | 82,35,293 | 12,88,48,937 | 15.6x |
Bids on NSE and BSE together, as published by NSE, as of 20 Dec 2023, 07:00 PM. Shares offered exclude the anchor portion. 26% of all shares bid for were at the cut-off price.
Past IPOs with similar demand
Earlier mainboard IPOs whose QIB, NII and retail subscription and size were closest to Suraj Estate Developers's, and how they listed.
| IPO | QIB | NII | Retail | Total | Size | Listing gain | Day high |
|---|---|---|---|---|---|---|---|
| Signatureglobal (India)Sep 2023 | 12.7x | 13.5x | 6.82x | 11.9x | ₹794 Cr | +15.3% | +23.1% |
| Larsen & Toubro InfotechJul 2016 | 19.9x | 10.8x | 7.39x | 11.7x | ₹1,242 Cr | -6.1% | 0.0% |
| Zaggle Prepaid Ocean ServicesSep 2023 | 16.7x | 8.85x | 5.94x | 12.6x | ₹574 Cr | 0.0% | +7.3% |
| Windlas BiotechAug 2021 | 24.4x | 15.7x | 24.3x | 22.5x | ₹401 Cr | -5.0% | -1.7% |
| Venus Pipes and TubesMay 2022 | 12.0x | 15.7x | 19.0x | 16.3x | ₹165 Cr | +3.5% | +8.7% |
| Electronics Mart IndiaOct 2022 | 62.3x | 24.5x | 12.8x | 29.4x | ₹527 Cr | +52.5% | +54.2% |
Lead managers and their listing record
| Book running lead manager | Mainboard IPOs since 2019 | Avg listing gain | Listed at a premium |
|---|---|---|---|
| ITI Capital | 5 | +28.9% | 60% |
| Anand Rathi Advisors | 11 | +28.5% | 91% |
Offer documents (NSE)
Frequently asked
What is the Suraj Estate Developers IPO price band and lot size? ₹340–360 per share, with a lot of 41 shares, so the smallest retail bid is ₹14,760.
How many times has it been subscribed? 15.6x overall: QIB 24.3x, NII 18.9x, retail 9.30x.
How did it list? It opened at ₹340, -5.6% against the issue price of ₹360, and closed its first day -7.1%.
