Justo RealFintech IPO allotment today

IPO Key Dates

Anchor Investor Subscription  
IPO opens on 24 Sept. 2025
IPO Closes on 26 Sept. 2025
Allotment on 29 Sept, 2025
Credit of shares on 30 Sept. 2025
Tentative Listing on 1 Oct 2025
Registered office
Justo Realfintech Ltd.
801/802,
8th Floor, EL Tara Building, Powai,
Off. Orchard Avenue, Hiranandani Gardens,
Mumbai, Maharashtra, 400076
Email cs@justo.co.in
Lead Manager of the IPO
Vivro Financial Services Pvt ltd
Registrar to the IPO
Purva Sharegistry India Pvt ltd

Final Subscription Tally

Size Rs.63.00 Crore
QIB NII x RII x Total x Applications
7.21 6.81 2.10 4.57 2390
Subscription Review: Poor trend on Day 1

 

 

Business:

Incorporated in 2019, Justo Realfintech Ltd. is a full-service real-estate mandate firm based in Maharashtra, operating across Pune, MMR and Nashik with presence in Aurangabad & Kolhapur.
An end-to-end sales engine: advisory, sales strategy, marketing, CRM and financing tie-ups.
It manages the complete customer journey—from first enquiry to final transaction—so developers focus on approvals and build-out.
Since inception, it has enabled sales worth Rs. 8,150 crore across 11,250+ units (till March 31, 2025).
As of August 31, 2025, it holds 37 active mandates across Pune, Mumbai and Nashik, offering visibility on future pipeline.
Team size: 331 employees across sales, marketing and CRM functions.

IPO Details

 
IPO opens on  24 September 2025
IPO closes on  26 September 2025
Issue Type Book Built Issue IPO
Issue Size 49,61,000 Shares /
Rs 63.00 Crore
* Fresh Issue
* Offer for Sale –
Market Maker Portion 2,51,000 Shares
Net offer to Public 47,10,000 Shares
Rs. 47,10,000 Crores
Face Value per share Rs. 10
Price Band Rs. 120-127
Employee discount  Rs. 0 per share
Retail Lot Size  1000 Shares
Listing will at  BSE SME

How shares are being offered

Investor Category Shares Offered
QIB Shares Offered Not more than 50% of the Net Issue
Retail Shares Offered Not less than 35% of the Net Issue
NII Shares Offered Not less than 15% of the Net Issue

How shares can be applied?

Application Shares Amount
Rs.
Retail (Min) 2,000 2,54,000
Retail (Max) 2,000 2,54,000
S-HNI (Min) 3,000 3,81,000
S-HNI (Max) 7,000 8,89,000
B-HNI (Min) 8,000 10,16,000

The Promoters 

Puspamitra Das is the promoter of the company.

The promoters hold 51.87% of the pre-IPO capital

The Objects of the IPO

The Company proposes to utilize the Net Proceeds from Issue towards funding the following objects

Objects of the Issue (in Millions)
Utilization towards working capital requirements of the Company 365
Funding investment in IT infrastructure and development of technological platform 63
Repayment of a portion of certain outstanding borrowings availed by the Company 50
General Corporate Purposes  

Financials Snapshot

Period Ended 31-Mar-25 31-Mar-24 31-Mar-23
Assets 76.28 41.77 32.62
Total Income 81.64 59.45 70.55
Profit After Tax 15.21 6.69 15.3
EBITDA 21.49 9.47 22
NET Worth 51.4 26.92 20.31
Reserves and Surplus 38.57 26.93 20.23
Total Borrowing 16.23 2.31 3.61
Amount in ₹ Crore

Peer Comparison:

Company Name P/E (x) RoNW (%)
Riddhi Display Equipments Limited   16.18
Ice Make Refrigeration Limited 52.21 18.09

Key Financial Indicators

KPI Values
ROE 38.84%
ROCE 44.18%
Debt/Equity 0.32
RoNW 38.84%
PAT Margin 18.63%
EBITDA Margin 26.33%
Price to Book Value 3.42
EPS 10.99
PER 11.55

IPO Concise Review

Justo Realfintech – Concise Review (Price band: Rs. 120–127)
• FY25 rebound: Total income up 37% YoY to Rs. 81.64 cr; PAT up 127% YoY to Rs. 15.21 cr after FY24 dip.
• Margins healthy: FY25 EBITDA ~26%, PAT ~18.6%, indicating operating leverage from mandate wins.
• Balance sheet stronger: Net worth Rs. 51.40 cr; borrowings rose to Rs. 16.23 cr (D/E ~0.32)—comfortable but watch WC needs.
• Model is asset-light with a visible mandate pipeline, yet revenues remain cyclical and region-concentrated (Maharashtra heavy).
• Monitor collections/receivables and client concentration; FY23–FY25 volatility shows sensitivity to real-estate cycles.
Call: Apply for listing gains; consider long-term hold only if cash flows stay tight and leverage trends ≤ 0.5x.

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