[MyFamilyInvestment] Sunstar Realty Development IPO

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Sunstar Realty Development, a real estate company, has come out with an IPO of 53.10 lakh equity shares and aims to raise Rs 10.62 crore through the IPO. The company is an integrated real estate company poised on development residential, commercial, retail and other projects. The company has two diversified planned projects in Gujarat. It has also entered into an agreement with Triveni Infratech to acquire 2.51 acres of land at district Hooghly of West Bengal for forthcoming development. It has also received a work order worth Rs 20.61 crore from Jain Infraprojects for pile foundation work at its pro posed FTWZ situated at Ibrahimpur, Junaipur Dist Bulandshahar, Uttar Pradesh.

The IPO shall open on 18 February, 2012 and shall close on 21 February, 2012. The issue price has been fixed at Rs 20 per share. The IPO shall be listed on BSE SME platform. Investors need to purchase minimum of 6000 shares and in multiple of 6000 shares thereafter. So, a retail investor can purchase only 6000 shares as it amounts to Rs 1,20,000.

The company intends to use the proceeds of the IPO for financing the expenditure of work order awarded by Jain Infraprojects Limited; funding the development and construction related expenditures of planned projects; brand building and general corporate purposes.

The company shall have a market capitalization of Rs 39.86 crore once the company is listed at issue price.

Guiness Corporate Advisors Private Limited is the book running lead manager to the issue. Sharepro Services (India) Pvt Ltd is the registrar to the issue.

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Posted By Blogger to MyFamilyInvestment at 2/14/2013 08:49:00 PM