Raymond Realty set for stock market debut; targets 20% margins, Rs 40,000-crore in upcoming projects
MUMBAI: Raymond Realty, which will begin public trading from Tuesday after a hiving off from the parent Raymond, and has a Rs 40,000-crore projects in the pipeline across seven projects, will not be taking up new projects if the margin is less than 20%, its top management has said.
The shares of the Gautam Singhania-led Raymond, which is the oldest consumer brand with a century of presence, had announced a 1:1 share swap—which means a Raymond shareholder will get one each share in the realty arm upon hiving off/demerger from May 1 this year, rallied 14% on Monday a day head of the listing to Rs 711.70 on the BSE, whose benchmark declined 50 bps on profit booking. Brokerages are expecting the realty arm to open trading in the range of Rs 897 to Rs 1,430 (according to SBI Caps) and Rs 1,383, according to Ventura Securities.
Raymond Realty will launch projects with a gross development value of Rs 6,000-10,000 crore, the management.
The listing will leave the Raymond group with three listed entities—Raymond that is into apparel and textiles, Raymond Lifestyles and Raymond Realty.
Group chairman and managing director Gautam Singhania said some of the recent realty deals have seen prices getting "heated up" and made it clear that financial discipline is of utmost importance for the six-year-old company which has been debt-free since FY2024.
"I will do a deal only if it delivers on financial returns," Singhania told reporters on the eve of the realty arm's listing.
His chief executive Harmohan Sahni chipped in saying 'they will look at only those projects which can deliver profit margins of over 20%.'
Typically, Raymond Realty looks at using own land bank or redevelopment or greenfield projects starting with land acquisition or joint developments to launch profits, Sahni said.
He said the company has looked at 1,400 projects till now, and signed on only six of them. The management also denied there being any dearth of land or projects. The company is sitting over 100 acres of land bank, they added.
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