Justo Realfintech files draft papers with BSE SME to raise funds via IPO

Justo Realfintech, a real estate solution provider, has filed its preliminary papers with BSE SME to raise funds through an initial public offering (IPO).

The IPO is entirely a fresh issue of up to 49.61 lakh equity shares with a face value of Rs 10 each, and the shares of the company are proposed to be listed on the BSE's SME platform, according to the draft red herring prospectus (DRHP) filed on Wednesday.

The net proceeds from the IPO, worth Rs 36.5 crore, will be used by the firm towards long-term working capital requirements, and Rs 6.30 crore will be used for funding investment in development of software and a technological platform.

The company will also plan to use the funds worth Rs 5 crore towards repayment of debt and the balance for general corporate purposes.

Incorporated in 2019, Maharashtra-based Justo Realfintech provides solutions, including decisions on pricing and sizing of the projects to real estate developers and enabling the delivery of the products to end customers. The company has operations in Pune, Mumbai Metropolitan Region, Nashik, Aurangabad and Kolhapur.

For the period ended February 28, 2025, the company's revenue from operations stood at Rs 73.40 crore while profit after tax was Rs 13.23 crore.

Vivro Financial Services is the sole book-running lead manager, while Purva Sharegistry (India) is the registrar for the public issue.