Justo Realfintech Limited IPO

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Business Model

Justo’s business model focuses on comprehensive advisory and execution services for real estate developers, particularly in the lower-to-mid segment residential and commercial projects. Key offerings include:

i) Mandate Services: Managing the complete customer journey from inquiry to final transaction.
ii) Sales & Marketing Strategy: Crafting pricing, positioning, and promotional strategies for projects.
iii) CRM & Customer Engagement: Using proprietary platforms to track, engage, and convert customers.
iv) Financing Solutions: Arranging credit for developers and home loan facilities for buyers.
v) Co-Development & Joint Ventures: Facilitating strategic partnerships for project development.

This model enables developers to focus on core competencies like property development and statutory approvals while Justo handles sales, marketing, and execution, converting fixed overheads into commission-based variable costs.

Technology-Driven Operations

Justo integrates custom-built proprietary technology into its operations to drive efficiency and transparency:

1. JustoVerse: A mobile platform managing the entire customer lifecycle, from initial interaction to booking, and tracking performance of over 3,400 channel partners (CPs).

2. JustoWorks: A web-based ERP platform managing project onboarding, CRM, inventory tracking, finance, invoicing, and reporting.

3. SaaS HR Management System: Tracks employee performance and manages payroll, onboarding, and HR policies.

Technology enables real-time insights, efficient workflow management, and streamlined execution, enhancing both developer and customer experience.

Customer & Developer Base

Justo partners with a focused niche of real estate developers, including Paranjape Spaces, Sneha Constructions, Ellora Heritage, and Metrosatyam Developers. Key points about its network:

Channel Partners (CPs): Over 3,400 CPs driving lead generation and customer engagement.

Geographic Reach: Strong presence in Pune and expanding footprint in Mumbai and MMR.

Units Sold: Assisted developers in selling over 11,250 units, representing revenue of over ₹8,15,000 lakhs till March 2025.

Active Mandates: Managing 37 ongoing projects worth over ₹4,14,955 lakhs (~3,559 units) as of August 2025.

Objects of the Justo Realfintech Limited IPO:

Company intends to utilize the proceeds raised through the Issue for the following objects: 1. Long-term working capital requirements (₹36.50 cr) 2. Funding investment in development of software and technological platform (₹6.30 cr) 3. Repayment of certain borrowings (₹5 cr) 4. General Corporate Purposes.
DRHP of Justo Realfintech Limited IPO
RHP of Justo Realfintech Limited IPO

Justo Realfintech Limited IPO Details:

Open Date: Sep 24 2025
Close Date: Sep 26 2025
Total Shares: 49,61,000
Face Value: ₹ 10 Per Equity Share
Issue Type: Book Building
Issue Size: 63 Cr.
Lot Size: 1000 Shares
Issue Price: ₹ 120-127 Per Equity Share
Listing At: BSE SME
Listing Date: Oct 01 2025

Promoters And Management:

1. Puspamitra Das – Chairman & Managing Director: An associate member of the Institute of Chartered Accountants of India since 1998, Puspamitra has over 30 years of experience in finance, accounting, taxation, and leadership across industries like real estate, textiles, pharma, retail, and steel. Formerly CFO at Bombay Dyeing and Keystone Realtors (Rustomjee), he founded Justo to simplify real estate transactions. 2. Chirag Prasanna Mehta – Non-Executive Director: A commerce graduate from the University of Mumbai and a CFA charterholder, Chirag has 15+ years of experience in finance and real estate. He has held leadership roles at Nisus Finance Services and Sanctum Wealth Management and is a co-founder of Arbour Alternate Advisors. He joined the board in 2024, contributing strategic insights. 3. Priyesh Dineshchandra Chheda – Non-Executive Director: Holding a degree in Computer Engineering and a PG Diploma in Retail Communications, Priyesh brings 19+ years of experience in finance and real estate. He has led roles at Blackgold Realty, Nisus Finance, and Fedbank Financial Services, and co-founded Arbour Alternate Advisors. He joined the board in 2024, providing industry expertise and strategic guidance.

Financials of Justo Realfintech Limited IPO:

Particulars FY2024-2025 FY2024-2025 FY 2022-2023
Revenue from Operations 81.35 59.38 70.44
EBITDA 21.49 9.46 21.99
EBITDA Margins 26.33% 15.93% 31.18%
PAT 15.21 6.69 15.29
PAT Margins 18.62% 11.26% 21.68%
ROCE 44.18% 34.31% 136.48%
Debt to Equity Ratio(In Times) 0.32 0.09 0.18
Operating Cash Flows -9.22 4.98 1.2

Comparison With Peers:

According to RHP their is no listed Peers existed in the same Business Segment.

Lead Manager of Justo Realfintech Limited IPO:

  1. Vivro Financial Services Private Limited

Registrar of Justo Realfintech Limited IPO:

  1. Purva Sharegistry India Private Limited

Discussion on Justo Realfintech Limited IPO:

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