Raymond Realty Ltd. shares listed at Rs 1,025 on the NSE and Rs 1,020 on the BSE on Tuesday, following its demerger from Raymond Ltd.
The discovery price had quoted a 3.8% discount over the base price on the NSE and 2.6% on the BSE. The base price was Rs 1,039.3 on the NSE and Rs 1,031.3 on the BSE.
The face value of each fully paid-up share is Rs 10. The issued, subscribed and paid-up equity capital of Raymond Realty is Rs 66.57 crore.
Existing shareholders will receive one share of Raymond Realty for every share held in the parent company.
Billionaire Gautam Singhania-led Raymond demerged its realty business to provide a focused play on the segment, primarily centered around the high-demand Mumbai Metropolitan Region. The demerger was effective April 30, 2025.
Brokerages are bullish on Raymond Realty's asset-light development model and high-margin project pipeline. The key narrative they indicate is strong visibility, consistent execution, and high monetisation potential from a deep land bank in Thane and redevelopment projects across Mumbai.
Ventura Securities has set a target price of Rs 1,383 per share for Raymond Realty, projecting revenue, Ebitda, and profit after tax to grow at CAGRs of 20%, 17%, and 15.9%, respectively between fiscals 2025 and 2028. The brokerage's bull case values the company at Rs 1,756 per share, while the bear case stands at Rs 1,056 per share.
Nirmal Bang is positive on the company's pipeline visibility as well. It estimated Rs 9,000 crore in revenue from Thane land development over the next three years, with 7.4 million sq. ft. FSI still available. The brokerage also highlighted the company's selective, calibrated approach toward new geographies like Pune while remaining anchored in Mumbai and Thane for now.
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