The Indian IPO market continues to attract investors looking for niche opportunities in specialised sectors. Among these, Justo Realfintech Limited offers a unique chance to invest in a full-service real estate mandate company operating across Pune, Mumbai, Nashik, Aurangabad, and Kolhapur. The company is set to open its IPO on September 24, 2025, presenting a compelling opportunity for investors seeking exposure to the growing real estate services sector.
About Justo Realfintech Ltd.
Incorporated in 2019, Justo Realfintech Limited is a full-service real estate mandate company providing end-to-end solutions for property developers. The company’s offerings include advisory, sales strategy, marketing, CRM, and financing solutions, managing the complete customer journey from inquiry to final transaction.
Since its inception, the company has helped developers sell projects worth over ₹8,15,000 lakhs, covering more than 11,250 units as of March 31, 2025. As of August 31, 2025, it holds active mandates for 37 real estate projects and employs 331 staff across departments.
Competitive Strengths:
- Strong network of channel partners
- Integrated technology platform driving operational efficiency
- Marketing and sales expertise with operational excellence
- Experienced leadership with proven execution capabilities
Justo Realfintech IPO Details
The Justo Realfintech IPO is a book-building issue of ₹63 crore, entirely a fresh issue comprising 0.50 crore shares, to be listed on BSE SME.
IPO Timeline:
| Event | Date (Tentative) |
| IPO Open Date | Sep 24, 2025 |
| IPO Close Date | Sep 26, 2025 |
| Tentative Allotment | Sep 29, 2025 |
| Initiation of Refunds | Sep 30, 2025 |
| Credit of Shares to Demat | Sep 30, 2025 |
| Tentative Listing Date | Oct 1, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Sep 26, 2025 |
Key IPO Details:
| Parameter | Details |
| Face Value | ₹10 per share |
| Issue Price Band | ₹120 – ₹127 per share |
| Lot Size | 1,000 shares |
| Total Issue Size | 49,61,000 shares (₹63.00 Cr) |
| Reserved for Market Maker | 2,51,000 shares (₹3.19 Cr) |
| Net Offered to Public | 47,10,000 shares (₹59.82 Cr) |
| Sale Type | Fresh Capital |
| Issue Type | Bookbuilding IPO |
| Shareholding Pre-Issue | 1,38,37,142 shares |
| Shareholding Post-Issue | 1,87,98,142 shares |
Investor Category Reservation:
- QIB: Not more than 50% of the Net Issue
- Retail: Not less than 35% of the Net Issue
- NII: Not less than 15% of the Net Issue
Lot Size & Investment
| Application | Lots | Shares | Amount |
| Retail (Min) | 2 | 2,000 | ₹2,54,000 |
| Retail (Max) | 2 | 2,000 | ₹2,54,000 |
| S-HNI (Min) | 3 | 3,000 | ₹3,81,000 |
| S-HNI (Max) | 7 | 7,000 | ₹8,89,000 |
| B-HNI (Min) | 8 | 8,000 | ₹10,16,000 |
Promoter Holding:
- Promoter: Puspamitra Das
- Pre-IPO: 51.87%
- Post-IPO: NA
Book Running Lead Manager: Vivro Financial Services Pvt. Ltd.
Registrar: Purva Sharegistry (India) Pvt. Ltd.
Market Maker: Rikhav Securities Ltd.
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Justo Realfintech Ltd.: Financials
Financial Highlights (₹ Crore):
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 76.28 | 41.77 | 32.62 |
| Total Income | 81.64 | 59.45 | 70.55 |
| Profit After Tax | 15.21 | 6.69 | 15.30 |
| EBITDA | 21.49 | 9.47 | 22.00 |
| Net Worth | 51.40 | 26.92 | 20.31 |
| Reserves & Surplus | 38.57 | 26.93 | 20.23 |
| Total Borrowing | 16.23 | 2.31 | 3.61 |
Key Performance Indicators (FY2025):
| KPI | Value |
| Market Capitalisation | ₹238.74 Cr |
| 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 |
P/E & EPS
| Metric | Pre-IPO | Post-IPO |
| EPS (₹) | 10.99 | 8.09 |
| P/E (x) | 11.55 | 15.69 |
Objects of the Issue
| S.No. | Object | Expected Amount (₹ million) |
| 1 | Working Capital Requirements | 365.00 |
| 2 | Investment in IT infrastructure & technological platform | 63.00 |
| 3 | Repayment of certain outstanding borrowings | 50.00 |
| 4 | General Corporate Purposes | Balance |
Industry Outlook
The Indian real estate services sector is witnessing strong growth, driven by:
- Increased urban housing demand in metro and Tier-II cities
- Rising participation of professional real estate intermediaries
- Expansion of organised sales and technology-driven platforms
- Strong developer demand for comprehensive real estate solutions
Justo Realfintech’s integrated approach, extensive network, and tech platform position it well to capitalise on these trends.
Conclusion
Justo Realfintech Limited presents a compelling investment opportunity in the real estate services segment, offering strong growth prospects, diversified project mandates, and a robust operational model. Investors should note the risks of sector cyclicality and reliance on developer mandates, but may consider this IPO for long-term strategic exposure.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
