Raymond Realty listing: Shares of Raymond Realty which got demerged from Raymond Ltd. listed on the bourses today. On the BSE, the scrip listed at a price of Rs 1,005 apiece, a discount to the discovered price of Rs 1,039.3 per share
Soon after listing, the stock hit an upper circuit of Rs 1,055.2 and at around 10:13 am traded with gains of nearly 2 per cent at Rs 1,024.85 per share.
On the NSE, the scrip debuted at a price of Rs 1,000 per share.
The company got demerged from the parent company on May 1 and the demerger took place in the ratio of 1:1, implying that shareholders having one share of Raymond Ltd. will be eligible to get one share in Raymond Realty.
SBI Securities in its recent management meet note said, “Assuming that Raymond Realty will list at FY26E EV/EBITDA multiple of 11-15x and will deliver EBITDA growth in the range of 0-20%
over FY25, the share price of Raymond Realty is expected to list in the range of Rs 897 to Rs 1,430.
The brokerage added that post the stock’s listing, street will closely track KPIs and financial performance (pre-sales, embedded EBITDA margins, cash inflows/ outflows, debt etc.) of the company.
Land bank and revenue potential
Raymond Realty has a large land bank of 100 acres in Thane. 40 acres of land has already been developed, giving a revenue potential of Rs 9,000 crore. The remaining 60 acres will give an estimated revenue of Rs 16,000 crore.
The total revenue potential of Thane land bank is Rs 25,000 crore
The company has signed 6 JDAs in prime areas of Mumbai like Bandra, Mahim, Sion, Wadala and the combined Gross Development Value (GDV) is around Rs 14,000 crore.
Growth Drivers for Raymond Realty
- Net debt expected to remain zero due to asset-light project development strategy
- Rapid recovery in Indian economy after Covid boosted job market and disposable income.
- Infrastructure and metro connectivity in Mumbai-Thane are leading to the emergence of new suburban destinations
- Redevelopment projects promote high-rise buildings and better lifestyle
About the Company
Raymond Realty Ltd, incorporated in Nov’19, is the real estate vertical of Raymond Ltd. The company is amongst the top 10 listed developers in the country and top 5 listed developers in the MMR
(Mumbai Metropolitan Region). Its portfolio is focussed in the Aspirational to Premium segment. The company has been demerged from Raymond Ltd and will get separately listed on the stock exchanges on 01st July, 2025. Record date for the demerger was 14th May, 2025.
