About the Company:
Established in 1986, the company is a key player in Mumbai's real estate, focusing on both residential and commercial projects in Mahim, Dadar, Prabhadevi, and Parel. Specializing in value luxury and the commercial sector, it is now expanding to Bandra. The company relies on third-party contractors for construction and excels in redeveloping tenanted properties.
With 42 completed projects covering 1,046,543.20 sq ft and 13 ongoing projects totaling 20,34,434.40 sq ft, the company maintains a consistent project delivery pace. It holds land reserves in Bandra and Santacruz for future development, spanning 10,359.77 sq meters as of October 31, 2023.
IPO Objectives:
The fresh issue aims to directly benefit the company. The net proceeds will be used for:
- Repayment/prepayment of outstanding borrowings.
- Acquisition of land/land development rights.
- General corporate purposes.
Promoter Holding:
Mr. Rajan Meenathakonil Thomas is the promoter of the company.
| Share Holding Pre Issue | 100% |
| Share Holding Post Issue | 74.95% |
Summary of Financial Information:
| Period Ended | 30 Jun 2023 | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 |
| Assets | 994.73 | 942.58 | 864.00 | 792.00 |
| Revenue | 102.81 | 307.89 | 273.91 | 244.00 |
| Profit After Tax | 14.53 | 32.06 | 26.50 | 6.28 |
| Net Worth | 86.11 | 71.39 | 39.16 | 29.15 |
| Reserves and Surplus | 70.29 | 55.48 | 23.32 | 22.94 |
| Total Borrowing | 598.50 | 593.09 | 638.16 | 600.48 |
Key Performance Indicators:
| KPI | Values |
| P/E (x) | 35.64 |
| Post P/E (x) | 49.81 |
| Market Cap (Rs. Cr.) | 1597 |
| ROE | 58.18% |
| ROCE | 21.93% |
| Debt/Equity | 8.31 |
| EPS (Rs) | 10.1 |
| RoNW | 58.18% |
Comparison with Peers:
| Company Name | EPS (Basic) | EPS (Diluted) | NAV (per share) (Rs) | P/E (x) | RoNW (%) |
| Suraj Estate Developers Limited | 10.1 | 10.1 | 22.49 | 35.64 | 58.18 |
| Oberoi Realty Limited | 52.38 | 52.38 | 335.81 | 20.44 | 16.83 |
| Sunteck Realty Limited | 0.1 | 0.1 | 198.45 | 3,724.50 | 0.62 |
| Keystone Realtors Limited | 7.67 | 7.67 | 146.59 | 79.58 | 6.29 |
| Shriram Properties Limited | 3.88 | 3.88 | 70.58 | 17.02 | 5.63 |
| Mahindra Lifespace Developers Limited | 6.56 | 6.56 | 116.75 | 73.91 | 5.64 |
| D B Realty Limited | -2.94 | -2.94 | 60.69 | -25.85 | -5.93 |
| Hubtown Limited | 4.16 | 4.16 | 171.03 | 10.93 | 2.03 |
Key IPO Details:
| IPO Date | December 18 to December 20, 2023 |
| Listing Date | December 26, 2023 |
| Face Value | Rs. 5 per share |
| Price Band | Rs. 340 to Rs 360 per share |
| Lot Size | 41 Shares |
| Total Issue Size | 11,111,111 shares (Rs. 400.00 Cr) |
| Fresh Issue | 11,111,111 shares (Rs. 400.00 Cr) |
| GMP | Rs. 66 (18.33%) [Only for information purpose] |
Note: For additional information & risk factors please refer to the Red Herring Prospectus
Disclaimer: We are not SEBI registered. All the views are personal and only for educational purposes. Do your due diligence before making any trading or investing decisions. The data provided in this blog post is for illustrative purposes only and does not constitute financial advice. Always consult with a qualified financial advisor before making investment decisions.
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