India's Suraj Estate Developers falls in debut trade

Suraj Estate Developers

26/12/2023 06:42

** Shares of Suraj Estate Developers  SRAE.NS  were 4% lower
in trading debut vs IPO price of 360 rupees
    ** SRAE debuts at 340 rupees, much lower than the IPO price;
stock had plunged to 324.05 rupees in the session
    ** Co's 4 bln rupees ($48.09 mln) IPO had fresh issue of
shares; IPO oversubscribed 15.65x - exchange data 
    ** SRAE's net profit for the year ended March 31 up nearly
22%, while revenue from operations climbs 12%

($1 = 83.1700 Indian rupees)

 (Reporting by Rama Venkat in Bengaluru)
 ((ramavenkat.raman@thomsonreuters.com; https://twitter.com/ramavenkat0607;))