All you need to know about

SURAJ ESTATE DEVELOPERS LIMITED IPO

Issue Details

Issue Amount : `400 Crore

Post Issue Implied Market Cap : `1,597 Crore
Face Value : 10 per share
Price Band : `340 - `360
Lot Size : 41 shares
Registrar : Link Intime India Pvt. Ltd.
Source : BRLM

Offer Breakup
Issue size - No. of Shares Issue size
Category Allocation
Lower band Upper band (Rs in Cr)

QIB 50% 5,882,352 5,555,555 200

NIB 15% 1,764,706 1,666,667 60

Retail 35% 4,117,647 3,888,889 140

Total 100% 11,764,705 11,111,111 400

Source : BRLM
.
 IPO timeline `
Issue opens on: `

18
Monday, Dec 18, 2023

Issue closes on: DEC

Wednesday, Dec 20, 2023

21 Finalization of 22 Refunds/Unblocking
Dec 2023 basis of allotment Dec 2023 ASBA fund

22 Credit of equity 26 Trading

Dec 2023 shares to DP account Dec 2023 commences

Source - BRLM. Dates are tentative

The objective of the offer

The company proposes to utilize the net proceeds towards
the following:
Repayment/Prepayment of the aggregate outstanding
borrowings of the company and its subsidiaries, accord
estates private limited iconic property developers private
limited and skyline realty private limited.
Acquisition of land or land development rights.
General corporate purposes.

`
Source - RHP
About the company
About the company:
The company’s focus area of operation is the South-Central region in Mumbai mainly
consisting of Mahim, Matunga, Dadar, Prabhadevi and Parel, as its expertise lies is in the
redevelopment of tenanted properties under Regulation 33(7) of the Development Control and
Promotion Regulations (“DCPR”) in the Mumbai region. Since most of the land parcels in the
South Central Mumbai market are in the nature of redevelopment projects, its core
competence lies in tenant settlement which is a key element for unlocking value on such land
parcels. They identify cessed/ non-cessed properties with existing tenants, and tie up with the
landlords of such tenanted properties by entering into a development agreement or on
outright purchase basis through conveyance deed. The company does not provide any
construction services on its own and is 100% dependent on third party contractors for the
construction services of its Projects.

The company has completed 4 projects in preceding three Financial Years. The completion
timelines for each of the projects varies according to scope of work, project size, construction
and approval complexities, conditions related to the project site and external factors which
are beyond control of the Company. The company has completed 42 projects in the last 37
years of its existence delivering on an average 3 to 4 projects in 3 years. Although the
completion of 4 projects in the last 3 years is in line with Company’s historical average
delivery rate, there was some delay caused during the Covid-19 pandemic during such period.

In its residential portfolio, it 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, it has constructed and sold built-to-suit corporate headquarters to its
institutional clientele namely, Saraswat Cooperative Bank Limited (Prabhadevi) and Clearing
Corporation of India Limited (Dadar). To cater to the increasing need for smaller independent
offices in the commercial segment, it plans to foray into developing boutique office spaces on
Tulsi Pipe Road, Mahim.

Source : RHP
Strengths

It has established a brand It has a diversified portfolio

with a long standing encompassing product
presence in Value Luxury offerings across various
Segment and Luxury price points in value luxury
Segment in the residential and luxury segments.
real estate market of South
Central Mumbai region.

It has expertise in tenant Its marketing and sales

settlement in the strategies.
redevelopment projects in
residential submarkets of
Mahim, Matunga, Dadar,
Prabhadevi, and Parel.

Source : RHP

Risks

Inability to collect our loans Heavy dependence of the

and advances from related performance of, and the
parties. conditions affecting, the real
estate markets in the SCM.

Uncertainty in the title of our Inability to successfully

real estate assets. identify and acquire suitable
land parcels.

Source : RHP
 Important Financials Data
For the year/period ended (` in Crore)

Particulars As at As at As at As at
(`, in crore) June 30, March 31, March 31, March 31,
2021 2023 2022 2021

Share Capital 15.88 15.88 15.88 6.35

Revenue from
Operations 102.41 305.74 272.72 239.99

Revenue Growth
(%) NA 12.11 13.64 NA

EBITDA 46.73 151.00 131.73 86.63

Net Profit for the

period
14.53 32.06 26.50 6.28

EPS – Basic (₹) 4.58 10.10 8.35 1.98

FYXX

Net Asset Value 27.12 22.49 12.33 45.90

(₹) as stated

Source : RHP/BRLM.
 Peer Comparison
Following is the comparison with its peer group companies listed in India and in the same line of business as the company:

Name of
Name of Face value
Company
Total Revenue EPSP/E EPS NAV EV/ P/E P/E RoNW
Company (₹ per share) (in ₹ million) Ratio
(Basic) (Diluted) (₹ perEBITDA (%)
(₹) (₹) share)

Suraj Estate
Developers Limited 3,057.44 3,057.44 10.10 10.10 22.49 - 58.18

Listed Peers

Oberoi Realty
10 41,925.8 2 52.38 52.38 335.81 25.63 16.83
Limited

Sunteck Realty 1 3,624.47 0.10 0.10 198.45 4536.00 0.62

Limited

Keystone Realtors
Limited 10 6,856.60 7.67 7.67 146.59 70.83 6.29

Shriram Properties 10 6,744.03 3.88 3.88 70.58 27.42 5.63

Limited

Mahindra Lifespace 10 6,066.10 6.56 6.56 116.75 77.87 5.64

Developers Limited

D B Realty Limited 10 6,982.40 -2.94 -2.94 60.69 -72.09 -5.93

D B Realty Limited 10 3,190.90 4.16 4.16 171.03 16.16 2.03

Source: All the financial information for listed industry peer mentioned above is on a consolidated basis and is sourced from the annual
audited financial results of the listed peer for the year ended March 31, 2023. (1) For listed peer - sourced from the annual audited
financial results of the listed peer for the year ended March 31, 2023. (2) For listed peer, Net Asset Value (NAV) is computed as equity
attributable to owners (total equity) divided by the number of equity shares outstanding at the end of the year. (3) For listed peer, P/E
Ratio has been computed based on the closing market price of equity shares on the website of BSE as of November 17, 2023, divided
by the Basic EPS provided under Note 1 above. (4) For listed peer, return on Net Worth for equity shareholders (%) (RONW) = Profit for
the year divided by total average equity. #Source for our Company: Based on the Restated Financial Information for the year ended
March 31, 2023.
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For more details refer offer documents on sebi www.sebi.gov.in

The securities quoted are exemplary and are not recommendatory. Such representations are not indicative of future results.
Source of statistical information, charts, graphs etc – RHP, DRHP, addendum and Moneycontrol.

Investment in securities market are subject to market risks, read all the related documents carefully before investing.
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