Ratnabhumi Developers Ltd

ratnabhumi developers

About the Company:

Ratnabhumi Developers Limited is Ahmedabad Gujrat based company engaged in real estate and construction business.

During the period 2012-17, company’s main business activities were selling and marketing of its commercial offices and shops constructed in their project Turquoise.

Company’s commercial project Ratna Turquoise (Ahmedabad) is spread across 16033.88 square meters.

Apart from selling and marketing of its commercials offices and shops, they have rented the shops, offices and spaces in their Project Turquoise to  various corporate clients for their business, commercials, advertisement and installing network equipment.

Company has leased the Commercial and office Spaces in Ratna Turquoise to various brands like Croma,Renaissance Educare Pvt Ltd, Bajaj Allianz,PC Jewellers.

Apart from Commercial and office spaces they have also rented space in the terrace area to Vodafone and Viom Networks Ltd for installation of Network Equipments.

Company has proposed to construct a commercial project called “RATNA ARTEMUS II” (Paldi, Ahmedabad) with a total Saleable Area of 48,000 Square Feet.

Company has also proposed to construct a commercial project called “RATNA” (Bopal Ahmedabad) with a total Saleable Area of 92,000 Square Feet.

Company’s Business Verticals are as follows:

  • Revenue from Commercial Projects.
  • Trading in Plot of Land
  • Rental Income
  • Investment/Trading in Residential scheme.

Management Team:

  1. Mr. Kaivan Shah (Designation: Chairman & Managing Director)
  2. Mrs. Meghna Shah (Designation:Whole-Time Director)
  3. Mr.Munir Shah (Designation:Non-Executive Director)


Promoters Average Acquisition Cost:

Name of the Promoter No. of Shares held Average Acquisition Cost (in Rs.)
Mr. Kaivan Shah 50,00,000 0.50
Mrs. Meghna Shah 49,99,900 0.50


Promoters Stake Pre & Post Issue:

Shareholder Name Pre Issue Stake (%) Post Issue Stake
Mr. Kaivan Shah 50.00 36.496
Mrs. Meghna Shah 49.99 36.49
Promoter Group Entities             0.001           0.001
Total 100% 72.99%


Objectives of the Issue:

  • Acquisition of Land/Plot of Land and other strategic Initiatives;
  • Capital Contribution towards 45% stake in Rajul Projects LLP – Project Ratna Artemus II- Paldi,
  • Ahmedabad
  • General Corporate Purpose
  • Meeting Public Issue Expenses.


Financials of the Company:

(in Crores) FY 13 FY 14 FY 15 FY 16 FY 17 30th June 17
Revenue  6.34  6.30 7.56 7.75  9.81 0.17
Net Profit  1.20  0.31  1.08  1.58  1.35  0.068


Valuation of Peer Group Companies:

Company Name Face Value EPS PE Ratio RoNW NAV
Ratnabhumi Developers Ltd 10 1.35 46.67 13.31 10.14
AGI Infra Limited 10 0.85 40.14 4.10 20.68
India Green Reality Limited 10 5.32 29.14 14.55 36.57


IPO Details:

Details Info
Issue Opens on 4th December 2017
Issue Closes on:. 6th December 2017
Issue Price Rs.63
Face Value Rs.10
Minimum Lot 2000
Minimum Investment Rs.1,26,000
Issue Constitutes 27.00%
Issue Size Rs.23.31 cr
Market Cap Rs.86.31 cr
Listing at BSE SME
Total Equity Shares Offered (Fresh) 37,00,000
Equity Shares Prior 1,00,00,000
Equity Shares after the issue 1,37,00,000


Important Dates:

Finalization of Basis of Alottment on or Before 11th December 2017
Initiation of Refunds on or Before 12th December 2017
Credit of Equity Shares: on or Before 13th December 2017
Listing Date: on or Before 14th December 2017


IPO Valuation Parameters:

Earnings Per Share (EPS) Price To Earnings ratio (PE) Return on Net Worth (RoNW) Net Asset Value (NAV)
1.35 46.67 13.31% 10.14


Markets Guruji Opinion:

IPO View Apply For: Expected listing Gain:
Avoid NA NA


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Check IPO Allotment Status:

Link InTime Website



Company Contact Info:
Ratnabhumi Developers Ltd
S.F. 207, Turquoise,Panchvati Panch Rasta,
Nr. White House, E.B., C.G. Road,
Ahmedabad – 380 009, Gujarat
Contact Person: Ms. Nikita Patel;
Tel No.: +91 – 79 – 2642 4209
Email: compliance@ratnagroup.co.in;
Web site: www.ratnagroup.co.in


IPO Registrar Info:
SEBI Registration Number: INR000004058
Address: C – 101, 1st Floor, 247 Park,
L.B.S. Marg, Vikhroli (West), Mumbai – 400 083,
Maharashtra, India Tel: +91 – 22 – 4918 6200;
Email: rdl.ipo@linkintime.co.in;
Grievance E-mail: rdl.ipo@linkintime.co.in
Website: www.linkintime.co.in


Lead Manager to the Issue:
SEBI Registration Number: INM000012276
Address: 160, Lower Ground Floor,
Vinoba Puri, Lajpat Nagar – II, New Delhi – 110 024
Tel No.: +91–11–4170 4066;
Email Id: info@ccvindia.com
Website: www.ccvindia.com