Justo Realfintech IPO Day 1: QIBs Lead with 1.59x Subscription, Retail Response Muted

Mumbai, September 24, 2025: Justo Realfintech Limited’s ₹63 crore SME IPO opened for subscription, with Qualified Institutional Buyers (QIBs) showing strong participation. While institutional demand was robust, retail and small non-institutional investors displayed limited interest, leading to an overall subscription of 0.84 times on Day 1.

QIBs Drive Early Momentum

The Qualified Institutional Buyers (QIB) segment, excluding anchor investors, recorded robust demand, closing at 1.59 times subscription, driven largely by a single institutional application. Anchor investors had earlier fully subscribed to their allocation of 14.10 lakh shares, providing early support and credibility to the IPO launch.

Mixed Response from HNIs and Retail Investors

High Net-Worth Individuals (HNIs) showed moderate participation, particularly in the bNII segment (bids above ₹10 lakh), which recorded 1.78 times subscription. Smaller HNIs under the sNII category subscribed at 0.33 times their allocation. Retail investors, typically the backbone of SME IPOs, remained subdued, with subscription reaching only 0.22 times against their quota of 16.50 lakh shares.

Price Band and Investor Trends

The IPO price band is fixed at ₹120–₹127 per share, with a lot size of 1,000 shares. The strongest bidding activity was concentrated at the lower end of the price band, with cumulative bids of 22.99 lakh shares at ₹120. This indicates investor preference for value at entry, while demand tapered slightly at higher price points.

IPO Details and Company Outlook

The issue, a 100% fresh issue of 49.61 lakh shares, will be open till September 26, 2025. Lead managed by Vivro Financial Services Pvt Ltd, the shares will be listed on the BSE SME platform on October 1. Established in 2019, Justo Realfintech is engaged in Maharashtra and has enabled the sale of properties worth ₹7,900 lakh through its technology-driven platforms. IPO proceeds will be allocated towards working capital, IT infrastructure, debt repayment, and general corporate purposes.

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