Page 96 - Estate Developers News Today

Analysts said the strong interest in IPOs is due to an increased focus on profitability and reasonable pricing of deals, at least relative to prevailing higher valuation multiples in listed peers.

Suraj Estate Developers IPO: The company has allotted 33.33 lakh equity shares to 11 anchor investors at Rs 360 apiece, which is also the upper end of the price band, according to a circular uploaded on the BSE website.

Incorporated in 1986, Suraj Estate Developers is a real estate construction company, which develops residential and commercial real estate in the South Central Mumbai region.

The IPO consists of only a fresh issue component by the company. Hence, the entire net issue proceeds, excluding IPO expenses, will go to the company.

Suraj Estate Developers IPO includes a fresh issue of up to Rs 400 crore. There is no offer for sale segment. The net proceeds to be raised from the fresh issue will be used towards repayment of debt of the company and its subsidiaries, acquisition of land or land development rights, and other general corporate purposes.

Mumbai redevelopment news: The company wants to explore projects in the old building and society redevelopment segment in the Mumbai Metropolitan Region (MMR). It has no plans to bid for slum rehabilitation projects or other segments such as warehousing and logistics.

The company refiled its draft papers with the markets regulator Sebi in July this year. The IPO comprises a fresh issue of up to Rs 400 crore. There is no offer-for-sale segment in the public offer. The price band will be announced soon.

Over 70% of real estate developers in Romania present a major insolvency risk amid rising challenges generated by falling real estate sales and hiked taxes, reveals an analysis conducted by consulting firm Frames.

The Minister of the Federal Capital Territory, FCT, Nyesom Wike, says he has saved as much as N110b for the FCT in his three months in office. Wike stated

Mr Wike also said the era when three or more persons were allocated the same plot of land with fake C-of-O was over.