Justo Realfintech
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 24 Sep 2025 – 26 Sep 2025
- Listing date
- 01 Oct 2025
- Face value
- ₹1 per share
- Issue price
- ₹127 per share
- Lot size
- 1,000 shares
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹63 Cr
- Market cap at offer price
- ₹239 Cr
- Promoter holding
- 51.87% → 38.18% pre-issue → post-issue
- ISIN
- INE0W5Q01017
- Registrar
- Purva Sharegistry (India) Pvt.Ltd.
- Lead managers
- Vivro Financial Services Pvt.Ltd.
- Registered office
- 801/802, 8th Floor, EL Tara Building, Powai, Off.Orchard Avenue, Hiranandani Gardens, 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 |
|---|---|---|---|
| Anchor investor · within QIB | 14,10,000 | — | — |
| Market maker | 2,51,000 | — | — |
Application size
Minimum 1,000 shares per lot, in multiples, at ₹127
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,000 | ₹1,27,000 |
| S-HNI (min) | 2 | 2,000 | ₹2,54,000 |
| S-HNI (max) | 7 | 7,000 | ₹8,89,000 |
| B-HNI (min) | 8 | 8,000 | ₹10,16,000 |
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.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 10.99 | 8.09 |
| P/E (×) | 11.56 | 15.70 |
| Price to book (×) | 3.42 | — |
| Market cap | — | ₹239 Cr |
Key performance indicators
- Return on net worth
- 38.84%
- ROCE
- 44.18%
- Debt / equity
- 0.32
- PAT margin
- 18.63%
- EBITDA margin
- 26.33%
- NAV per share
- ₹37.15
- Price to book
- 3.42
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Justo Realfintech
Justo Realfintech Limited (formerly Justo Realfintech Private Limited) is a real estate mandate company incorporated on March 29, 2019, and converted to a public limited company in January 2025. The company is headquartered in Mumbai with operations in Pune, Mumbai Metropolitan Region, Nashik, Aurangabad, and Kolhapur. It provides comprehensive real estate mandate services including pricing decisions, project sizing, customer engagement, and sales strategy to real estate developers. The company has established a tech-enabled platform that streamlines project onboarding, customer engagement, and sales processes, leveraging data-driven insights and digital tools to enhance visibility and conversion for developer partners. As of August 31, 2025, the company has executed 171 projects since inception and manages 37 live mandates with a gross merchandise value of ₹414,955.79 lakhs.
Company Analysis
from RHPJusto Realfintech Limited is a full-service real estate mandate company providing solutions for pricing, project sizing, and customer delivery to real estate developers across Maharashtra.
Justo Realfintech Limited (formerly Justo Realfintech Private Limited) is a real estate mandate company incorporated on March 29, 2019, and converted to a public limited company in January 2025. The company is headquartered in Mumbai with operations in Pune, Mumbai Metropolitan Region, Nashik, Aurangabad, and Kolhapur. It provides comprehensive real estate mandate services including pricing decisions, project sizing, customer engagement, and sales strategy to real estate developers. The company has established a tech-enabled platform that streamlines project onboarding, customer engagement, and sales processes, leveraging data-driven insights and digital tools to enhance visibility and conversion for developer partners. As of August 31, 2025, the company has executed 171 projects since inception and manages 37 live mandates with a gross merchandise value of ₹414,955.79 lakhs.
Objects of the Issue
- Working capital requirements of the Company ₹3,650.00 lakhs p.26
- Funding investment in IT infrastructure and development of technological platform ₹630.00 lakhs p.26
- Repayment of a portion of certain outstanding borrowings availed by our Company ₹500.00 lakhs p.26
- General Corporate Purposes [●] (not to exceed 15% of Gross Proceeds or ₹1,000.00 lakhs, whichever is lower) p.26
- To meet the long-term working capital requirements ₹3,650.00 lakhs p.98
- Funding investment in development of software and technological platform ₹630.00 lakhs p.98
- Repayment, in full or in part, of certain borrowings availed by our Company ₹500.00 lakhs p.98
- General Corporate Purposes [●] p.98
Issue Structure
- Total Issue
- 49,61,000 Equity Shares of face value of ₹10/- each aggregating to ₹[●] lakhs
- Fresh Issue
- 49,61,000 Equity Shares of face value of ₹10/- each for cash at a price of ₹[●] per Equity Share (including premium of ₹[●] per Equity Share) aggregating to ₹[●] lakhs
- Offer for Sale
- NIL (entire issue constitutes fresh issue)
- Price Band
- Floor Price of ₹[●] to Cap Price of ₹[●] per Equity Share (to be determined)
- Lot Size
- [●] Equity Shares (to be determined)
- Face Value
- ₹10/- per Equity Share
Business Model
The company earns revenue primarily through real estate mandate fees charged as commissions from real estate developers for inventory sold through its services. The business model is project-based, where the company receives commissions in instalments from developers as projects progress. The company also derives revenue from financial advisory services and has expanded into home finance solutions for customers and funding assistance to real estate developers.
Business Segments
SWOT Analysis
- • Established presence in Pune with rapid expansion in Mumbai(p.25)
- • Tech-enabled platforms for streamlined operations and conversion(p.25)
- • Organized market leadership position among top 4 players(p.25)
- • Strong relationship management driving repeat customer business(p.38)
- • Growing revenue from repeat customers and new segments(p.38)
- • Strong profitability metrics with high ROE and ROCE(p.113)
- • Solid financial position with improving EBITDA margins(p.113)
- • Strong current ratio indicating good liquidity(p.113)
- • Gross value of inventory sold shows significant business scale(p.113)
- • Operating model gains from handling multiple mandates simultaneously(p.182)
- • Extensive channel partner network of 3,400+(p.196)
- • Custom-built proprietary tech platforms (JustoVerse, JustoWorks)(p.196)
- • Proven marketing and sales expertise with strong repeat business(p.196)
- • Experienced leadership with deep real estate expertise(p.196)
- • Dominant market position in Pune with rapid Mumbai expansion(p.193)
- • High profitability with improving margins(p.195)
- • Technology-enabled real estate services platform with established presence in key markets(p.275)
- • Large established channel partner network enabling market reach and sales execution(p.275)
- • Growing revenue with improving profitability and margins(p.279)
- • Strong net worth and improved capital structure position(p.281)
- • High dependence on limited number of clients(p.37)
- • Negative cash flows from operations(p.40)
- • Regulatory non-compliance and compounding application pending(p.35)
- • Heavy reliance on Promoter for strategic direction(p.47)
- • Unowned leasehold premises with limited tenure(p.41)
- • High-cost unrated debt requiring repayment(p.42)
- • Limited operating history with early-stage company risks(p.49)
- • Increasing debt-to-equity ratio indicating rising leverage(p.113)
- • Revenue volatility with fluctuating performance across fiscal years(p.113)
- • No comparable listed peers for valuation benchmarking(p.112)
- • Operating in a nascent mandate industry with emerging risks(p.183)
- • High concentration in two metropolitan regions(p.185)
- • Working capital management challenges and cash flow delays(p.198)
- • Heavy reliance on specific developer relationships(p.193)
- • Limited presence outside Maharashtra(p.205)
- • Dependency on debt financing with increasing borrowing(p.195)
- • Significant dependence on top customers concentrated in the developer segment(p.285)
- • Negative operating cash flow despite profitability indicating working capital challenges(p.282)
- • Rising short-term borrowings with significant finance costs increasing(p.279)
- • Promoter involved in pending SEBI enforcement action regarding financial misrepresentation(p.293)
- • Expansion into new geographical regions and tier-2 cities(p.50)
- • Diversification into new business segments including financial advisory(p.50)
- • Strong live mandate pipeline with ₹4.15 lakh crore GMV(p.39)
- • Growing real estate mandate industry with consolidation opportunities(p.25)
- • Potential acquisition and inorganic growth opportunities(p.50)
- • Massive housing shortage creating addressable market(p.130)
- • Strong residential market growth across all segments(p.147)
- • Rapid urbanization driving demand in tier 2 cities(p.130)
- • Mandate industry showing exceptional growth trajectory(p.183)
- • Consolidation in organized mandate space with dominant position(p.183)
- • Growing demand for premium and mid-segment housing(p.147)
- • Improved infrastructure accelerating real estate development(p.151)
- • Geographic expansion into Tier II and Tier I cities(p.197)
- • Market growth from 11% to 17% penetration by 2027(p.185)
- • Expansion of financial advisory services across banking partnerships(p.197)
- • Technology enhancement with AI, ML and augmented reality(p.198)
- • Strategic partnerships including international expansion(p.197)
- • Shift toward mid-segment aligns with mandate players' core focus(p.185)
- • Expansion into tier-II cities beyond current core markets(p.276)
- • Growing real estate sector and demand for organized services(p.276)
- • Increasing project launches by developer clients creating new business opportunities(p.276)
- • Shift of variable costs from fixed overhead for developers through our mandate model(p.276)
- • Consolidation opportunity by displacing unorganized brokers with organized solutions(p.276)
- • Intense competition from organized and smaller competitors(p.43)
- • High concentration in Pune and MMR with regional risk exposure(p.45)
- • Seasonal and cyclical fluctuations in real estate transactions(p.49)
- • Dependence on real estate market performance and economic conditions(p.48)
- • RERA compliance and regulatory requirements(p.49)
- • Vulnerability to project delays and developer defaults(p.48)
- • Cybersecurity and technology protection risks(p.48)
- • Dependence on channel partner network(p.45)
- • Intense competition from established mandate players(p.183)
- • Rising project stalls impacting market confidence(p.144)
- • Regulatory complexity and compliance burden in real estate sector(p.133)
- • Interest rate sensitivity affecting housing affordability(p.182)
- • Economic cyclicality and GDP growth sensitivity(p.125)
- • Unsold inventory accumulation in certain markets(p.159)
- • Intense competition from organized mandate players(p.204)
- • Economic downturn impacting real estate demand(p.190)
- • Regulatory changes affecting real estate transactions(p.190)
- • Technological disruption to traditional mandate model(p.190)
- • Market stagnation and cyclical nature of real estate(p.186)
- • Dependency on local market dynamics and regulations(p.192)
- • Cyclicality and volatility of real estate market affecting developer activity and revenues(p.276)
- • Regulatory changes in real estate sector could impact business model(p.276)
- • Revenue decline in FY2024 despite improved FY2025 indicating market cyclicality(p.280)
- • One director involved in criminal proceedings for alleged misappropriation of software and source codes(p.290)
- • Large outstanding trade receivables creating cash conversion and credit risk(p.258)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Puspamitra Das | Promoter | 51.87% | [●]% |
| Puspamitra Das | Promoter | 51.87% | [●] |
| Puspamitra Das | Promoter | — | — |
| Puspamitra Das | Promoter | 51.87% | — |
| Shisan Consulting LLP | Promoter Group | 21.96% | — |
| Puspamitra Das | Promoter | — | — |
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.