The initial public offering of Suraj Estate Developers will close today for public subscription.

The ₹400-crore IPO of the Mumbai-based realtor Suraj Estate Developers Ltd was subscribed 2.42 times so far. The issue comes at with a price band of ₹340-360 and the market lot is 41 shares. The IPO is entirely a fresh issue of 1.11 crore shares.

As against the offer size of 82.35 lakh shares, the IPO received bids for nearly 2 crore shares.

Retail investors quota saw strong buying, as their portion was subscribed 3.90 times, while the NII quota was subscribed 2.06 times and that of QIB was relatively lacklustre at 0.12 times.

Fifty per cent of the issue is reserved for qualified institutional buyers, while 15 per cent is available to for non-institutions, and the balance 35 per cent for retail investors.

  • Read: Suraj Estate Developers IPO: Should you subscribe to the issue?

As part of the IPO, The company on Friday raised ₹120 crore from anchor investors by allotting 33.33 lakh shares to 11 funds at ₹360 apiece.

The investors who had SBI General Insurance Company, Tata MF, ITI MF, Aditya Birla Sun Life, Jagdish Master managed Quantum-State Investment Fund, Blue Lotus Capital, Lighthouse Canton, Societe Generale, BNP Paribas and Meru Investment Fund participated in the anchor book include .

The issue proceeds will be used to from the issue for repay/ prepay ment of the aggregate outstanding borrowings of the company and its subsidiaries, Accord Estates Pvt Ltd and Iconic Property Developers Pvt Ltd; acquisition of land or land development rights; and general corporate purposes.

ITI Capital Ltd and Anand Rathi Advisors Ltd are the book-running lead managers

The company develops residential and commercial real estate in the South Central Mumbai region.