B Right Real Estate SME
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 30 Jun 2022 – 05 Jul 2022
- Listing date
- 13 Jul 2022
- Face value
- ₹10 per share
- Issue price
- ₹153 per share
- Lot size
- 800 shares
- Total issue size
- ₹44.36 Cr
- Market cap at offer price
- ₹158 Cr
- Promoter holding
- 99.98% → 71.92% pre-issue → post-issue
- ISIN
- INE0IZQ01016
- Registrar
- Purva Sharegistry (India) Pvt.Ltd.
- Lead managers
- Gretex Corporate Services Ltd.
- Registered office
- 702, 7th Floor, Shah Trade Centre, Rani Sati Marg, Malad East, Maharashtra
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 | 1,45,600 | — | — |
Application size
Minimum 800 shares per lot, in multiples, at ₹153
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 800 | ₹1,22,400 |
| S-HNI (min) | 2 | 1,600 | ₹2,44,800 |
| S-HNI (max) | 8 | 6,400 | ₹9,79,200 |
| B-HNI (min) | 9 | 7,200 | ₹11,01,600 |
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 |
|---|---|---|
| EPS (₹) | 9.28 | — |
| P/E (×) | 16.49 | — |
| Market cap | — | ₹158 Cr |
Key performance indicators
- Return on net worth
- 0.65%
- Debt / equity
- 0.29
- NAV per share
- ₹974.93
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About B Right Real Estate SME
B-Right RealEstate Limited was originally incorporated on October 22, 2007 as 'Marshal Vinimay Private Limited' in West Bengal, converted into a public limited company ('Marshal Vinimay Limited') with effect from January 02, 2020, and renamed 'B-Right RealEstate Limited' following a resolution passed on August 28, 2020; its registered office is at Malad East, Mumbai. The current promoters, Blow Sales LLP and Cheerful Dealtrade LLP, took over the company in 2010. The company describes itself as an integrated construction and real estate development company focused primarily on construction and development of residential and commercial projects in and around Mumbai, with management claiming execution of projects aggregating approximately 3.96 lakh sq. ft. across various Mumbai locations. Its operating model routes investments through its direct subsidiary B-Right RealEstate Ventures LLP, which in turn invests in project-specific SPVs/LLPs (the company reports 9 step-down subsidiaries such as BRV Leasing Andheri LLP, B-Right Realty Lonavala LLP, D.M. Realtors and Siddhivinayak Developers Kurar, plus one associate, Parth Construction), with each project SPV closed upon completion. It earns money by developing projects on land held in stock-in-trade and through joint development agreements and partnerships, generating revenue from operations (consolidated revenue from operations of ₹40.00 lakhs for the nine months ended December 31, 2021, plus other income of ₹75.95 lakhs, giving total income of ₹119.95 lakhs and restated PAT of ₹72.27 lakhs for that stub period). The proposed IPO is a fixed-price fresh issue of 28,99,200 equity shares of ₹10 each to be listed on the SME Platform of BSE.
Company Analysis
from DRHPB-Right RealEstate Limited is an integrated construction and real estate development company focused on the construction and development of residential and commercial projects in and around Mumbai.
B-Right RealEstate Limited was originally incorporated on October 22, 2007 as 'Marshal Vinimay Private Limited' in West Bengal, converted into a public limited company ('Marshal Vinimay Limited') with effect from January 02, 2020, and renamed 'B-Right RealEstate Limited' following a resolution passed on August 28, 2020; its registered office is at Malad East, Mumbai. The current promoters, Blow Sales LLP and Cheerful Dealtrade LLP, took over the company in 2010. The company describes itself as an integrated construction and real estate development company focused primarily on construction and development of residential and commercial projects in and around Mumbai, with management claiming execution of projects aggregating approximately 3.96 lakh sq. ft. across various Mumbai locations. Its operating model routes investments through its direct subsidiary B-Right RealEstate Ventures LLP, which in turn invests in project-specific SPVs/LLPs (the company reports 9 step-down subsidiaries such as BRV Leasing Andheri LLP, B-Right Realty Lonavala LLP, D.M. Realtors and Siddhivinayak Developers Kurar, plus one associate, Parth Construction), with each project SPV closed upon completion. It earns money by developing projects on land held in stock-in-trade and through joint development agreements and partnerships, generating revenue from operations (consolidated revenue from operations of ₹40.00 lakhs for the nine months ended December 31, 2021, plus other income of ₹75.95 lakhs, giving total income of ₹119.95 lakhs and restated PAT of ₹72.27 lakhs for that stub period). The proposed IPO is a fixed-price fresh issue of 28,99,200 equity shares of ₹10 each to be listed on the SME Platform of BSE.
Objects of the Issue
- Working Capital Requirements p.86
- General Corporate Purposes p.87
Issue Structure
- Total Issue
- Public Issue of 28,99,200 Equity Shares of face value of ₹ 10.00 each for cash at a price of ₹ [●] per Equity Share (including a share premium of ₹ [●] per Equity Share) aggregating upto ₹ [●]
- Fresh Issue
- Fresh Issue of 28,99,200 Equity Shares of face value ₹10.00 each for cash at a price of [●] per Equity Share (including premium of [●] per Equity Share) aggregating [●] Lakh by our Company (the entire issue constitutes a fresh issue)
- Offer for Sale
- Nil
- Face Value
- ₹ 10.00
Business Model
The company develops residential and commercial real estate projects in and around Mumbai, focusing on projects on land held in stock-in-trade and entering joint development agreements and partnerships; it earns revenue from the development and sale of these projects. Execution is structured through its subsidiary B-Right RealEstate Ventures LLP, which invests in special purpose vehicles incorporated for each project (each SPV being closed upon completion), enabling project-level tracking of materials, manpower and expenses.
Business Segments
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Blow Sales LLP | Promoter | 33.84% | 24.35% |
| Cheerful Dealtrade LLP | Promoter | 33.84% | 24.35% |
Leadership
Auto-extracted from the company's DRHP 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 DRHP before relying on it.