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
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.
Quicklinks
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