Samor Reality SME
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 30 Sep 2021 – 05 Oct 2021
- Listing date
- 13 Oct 2021
- Face value
- ₹10 per share
- Issue price
- ₹62 per share
- Lot size
- 2,000 shares
- Total issue size
- ₹8.06 Cr
- Market cap at offer price
- ₹26.66 Cr
- Promoter holding
- 76.50% → 53.37% pre-issue → post-issue
- ISIN
- INE0GD201014
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Beeline Broking Ltd.
- Registered office
- FO F.401, Shop Atlantis, Near Reliance Pump, Prahladnagar Road, Anandnagar, Satellite, Gujarat
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Market maker | 68,000 | — | — |
Application size
Minimum 2,000 shares per lot, in multiples, at ₹62
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 2,000 | ₹1,24,000 |
| S-HNI (min) | 2 | 4,000 | ₹2,48,000 |
| S-HNI (max) | 8 | 16,000 | ₹9,92,000 |
| B-HNI (min) | 9 | 18,000 | ₹11,16,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| Market cap | — | ₹26.66 Cr |
About Samor Reality SME
Samor Reality Limited was originally formed as a partnership firm 'Samor Reality' on December 2, 2014, and was converted into a public limited company on December 1, 2020. The company is engaged in construction and development of residential and commercial real estate projects, primarily in Ahmedabad, Gujarat, with a focus on innovative architecture, strong project execution, and quality construction. The company has demonstrated a successful track record in the real estate industry with experience in developing residential apartments for middle and high-income groups. Additionally, the company is engaged in trading of building and construction materials including TMT Bars and HR Sheets of different sizes. The company has 60% holding in Samor & Motherland LLP, which is engaged in the business of builders, contractors, designers, and real estate development.
Company Analysis
from RHPSamor Reality Limited is an integrated construction and real estate development company focused on residential and commercial projects in Ahmedabad, Gujarat, and also engages in trading of building and construction materials.
Samor Reality Limited was originally formed as a partnership firm 'Samor Reality' on December 2, 2014, and was converted into a public limited company on December 1, 2020. The company is engaged in construction and development of residential and commercial real estate projects, primarily in Ahmedabad, Gujarat, with a focus on innovative architecture, strong project execution, and quality construction. The company has demonstrated a successful track record in the real estate industry with experience in developing residential apartments for middle and high-income groups. Additionally, the company is engaged in trading of building and construction materials including TMT Bars and HR Sheets of different sizes. The company has 60% holding in Samor & Motherland LLP, which is engaged in the business of builders, contractors, designers, and real estate development.
Objects of the Issue
- Investment into our subsidiary namely M/s Samor & Motherland LLP (SML) ₹600.00 lakhs p.71
- General Corporate Purposes ₹166.00 lakhs p.73
- Public Issue Expenses ₹40.00 lakhs p.73
Issue Structure
- Total Issue
- ₹806.00 lakhs
- Fresh Issue
- 13,00,000 Equity Shares of Rs. 10/- each at price of Rs. 62/- per equity share aggregating Rs. 806.00 lakhs
- Price Band
- ₹62.00 per equity share
- Lot Size
- 2,000 equity shares and in multiples of 2,000 thereafter
- Face Value
- Rs. 10/-
Business Model
The company operates as a real estate developer engaged in: (1) development of residential and commercial projects through land acquisition or joint development agreements, (2) trading of building and construction materials (TMT Bars, HR Sheets), generating 100% of revenue for FY 2020-21 from trading activities. The company follows a pre-sale model for residential projects, receiving down payments at booking and periodic payments linked to construction milestones. Revenue is recognized upon transfer of control of residential/commercial units to customers, with over-time recognition based on stage of completion.
Business Segments
SWOT Analysis
- • Experienced management team in real estate sector(p.91)
- • Established brand recognition and reputation in Ahmedabad region(p.91)
- • Track record of successful project execution and timely completion(p.91)
- • Scalable business model with customer-centric approach(p.92)
- • Strong focus on quality construction and materials(p.92)
- • Reliance on few major customers for revenue generation(p.36)
- • Subsidiary carrying significant unsecured debt that is repayable on demand(p.26)
- • Unclear identification of land acquisition for subsidiary's future project(p.23)
- • Recent conversion from partnership to public company with compliance gaps(p.26)
- • Negative cash flows reported in recent periods(p.25)
- • Expansion into other geographic markets beyond Ahmedabad(p.92)
- • Growing demand for residential housing in India(p.89)
- • Real estate sector expected to reach USD 1 trillion by 2030(p.86)
- • Development of subsidiary's upcoming residential project(p.72)
- • Increasing foreign direct investment in Indian real estate(p.89)
- • COVID-19 pandemic continuing to impact real estate and construction industry(p.42)
- • Intense competition from organized and unorganized real estate players(p.36)
- • Volatility in interest rates affecting customer purchasing power(p.42)
- • Regulatory changes and compliance under RERA legislation(p.28)
- • Dependence on third-party contractors and suppliers affecting project execution(p.23)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Birjukumar Ajitbhai Shah | Promoter | 41.66% | 29.07% |
| Mrs. Jagrutiben Birjubhai Shah | Promoter | 33.34% | 23.26% |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.