- Price band
- —
- Issue size
- ₹1,000 Cr
- Lot size
- —
- Bidding
- —
- Grey market
- —
55% fresh capital
Listing date to be set
No quote recorded
Market data to 17 Oct 2026. Company figures are as filed, sourced 17 Oct 2026. Every figure’s origin is listed under Sources.
IPOVista score
How this issue scores, and why
Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.
IPOVista score
Broadly well-balanced
61% of the scoring model was backed by disclosed data for Anarock, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.
How this score is builtBelow the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.
The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.
The company
What the business actually does
Founded 2011 · Mumbai, Maharashtra · 2,192 employees
Anarock Property Consultants is a Mumbai-based real estate advisory and services firm, incorporated in 2011 as Jones Lang LaSalle Residential Private Limited and renamed Anarock in 2017. Its largest business sells new homes for developers under fixed-term exclusive sales mandates: 165 were active at 31 March 2026, and homes worth about Rs 15,641 crore were sold through the transaction advisory arm in FY2026. A second business handles land acquisition, investment banking, valuations and commercial and retail leasing, covering 3.57 million sq ft leased in FY2026. A third manages construction projects and corporate fit-outs and, via a 53.68% controlling stake in DSP Design Associates, architecture and master planning. It also runs Anacity, a building-management platform, and ACP, a channel-partner marketplace. It had 2,192 permanent employees across 15 Indian cities plus Dubai.
Revenue is fee income: commissions on homes sold under developer mandates, advisory and leasing fees, project-management fees and platform subscriptions. The dominant cost is people — employee benefits were 55.55% of revenue from operations in FY2026, down from 60.94% in FY2025, which drives most of the operating leverage behind EBITDA rising from Rs 92.12 crore to Rs 150.82 crore. Part of revenue is pass-through: net of pass-through costs, FY2026 revenue was Rs 749.61 crore against Rs 881.90 crore reported. The structural constraint is mandate replenishment — exclusive mandates are fixed-term and end on sell-out, so the book must be refilled continually. Top five clients were 18.49% of FY2026 revenue. The company had no outstanding borrowings in FY2024, FY2025 or FY2026.
The company on paper
- Legal name
- Anarock Property Consultants Limited
- IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first
- 27 Jun 2011
- CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA
- U68200MH2011PLC219140
- Sector
- Real Estate · Real estate advisory, brokerage and property services
- Employees
- 2,192
- Registered office
- Mumbai, Maharashtra
- Promoters
- Anuj Puri, Rohin Raja Shah, Priti Puri, Nita Shah, Khushi Trust, Peter Properties Limited
- Promoter holding, pre-issue
- 66.4%
- Website
- anarock.com
The numbers
Financial performance
Revenue has compounded at 31.6% a year across the 3 reported financial years.
Revenue and profit
Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.
- Revenue
- Profit after tax
Margin trend
Profit and operating margin as a percentage of revenue
- Net margin
- EBITDA margin
Net worth and borrowings
At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.
- Net worth
- Total borrowings
The price
Valuation
Ratios as disclosed in the prospectus, calculated at the upper end of the price band. P/E is always shown on post-issue earnings so issues stay comparable with each other.
No price band has been fixed yet, so there is no multiple to quote
What you pay
Earnings and sales behind one share, and the multiple the band asks for them.
- EPS, pre-issue (FY26)
- ₹7.46
- EPS, post-issueNot disclosed, so computed from FY2026 profit after tax and the disclosed share count — this is the figure the multiple above is built on
- ₹9.05
- Price / sales
- —
- Net asset value per shareBook value behind one share — a floor, not a target
- ₹50.71
What it earns on what it has
Returns and margins on FY2026. These are the figures that say whether the multiple above is deserved.
- Return on net worthAs disclosed in the prospectus, on its own formula — Indian issuers define RoNW on average net worth, not closing.
- 14.4%
- Return on capital employed
- 23.0%
- EBITDA margin
- 17.1%
- Net margin
- 10.6%
What it owes
Gearing at the latest balance-sheet date.
- Debt to equityAs disclosed in the prospectus. Issuers divide by total equity, which includes non-controlling interests — a wider base than the net worth used for RoNW.
- 0.00×
Valuation against listed peers
P/E against operating margin
The prospectus for this issue does not name a listed peer group, or it has not been captured yet.
The terms
How the issue is structured
55% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.
- Fresh issueNew shares — proceeds go to the company
- ₹550 Cr
- Offer for saleExisting shares — proceeds go to the selling shareholders
- ₹450 Cr
- Total issue size
- ₹1,000 Cr
- Shares offered in the OFS
- —
- Pre-issue shares outstanding
- 10,30,36,252
- Employee discount
- —
Who the shares are reserved for
Share of the net offer set aside for each investor category
Select a category to see who bids in it and how allotment works there.
Percentages are of the net offer, which excludes any employee or shareholder reservation.
Use of proceeds
Stated objects of the fresh issue, largest first
- Invested in growth
- General and unallocated
- Funding inorganic growth through unidentified acquisitions and strategic initiatives and general corporate purposes - left as a placeholder in the draft; capped together at 35% of gross proceeds, with general corporate purposes alone not exceeding 25% and unidentified acquisitions alone not exceeding 25% — amount not quantified in the prospectus
Hover or focus an object to see whether that spending grows the business or repairs the balance sheet.
75% of the quantified proceeds is earmarked for growth; the rest repairs the balance sheet or is unallocated.
Who owns it before the issue
14 holders of record. Percentages are of pre-issue paid-up equity, as stated in the offer document.
Pre-issue. The offer document leaves the post-issue column to be filled at the prospectus stage, so it is not shown here.
Demand
What the market is bidding
Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.
Subscription by category
Cumulative bid multiples
No dates have been set yet, so bidding has not opened.
Grey market premium
Unofficial over-the-counter sentiment
No grey-market quotes have been recorded for this issue.
Work it out
What this means for one application
Three calculations, each stating the assumption it rests on.
What one application costs
Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.
The lot size and price band are not fixed yet, so there is nothing to calculate.
Odds of getting an allotment
When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.
Retail subscription figures are not available yet, so there is nothing to estimate from.
What the grey market implies
Arithmetic on an unofficial quote. The grey market has no clearing house and no obligation to settle — this is sentiment made numeric, not a forecast.
No grey-market quote has been recorded for this issue.
Our read
Easy to misread
Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.
Easy to miss in the prospectus
- FY2026 revenue growth is partly acquisition-driven: the Management Services segment contributed Rs 89.17 crore in FY2026 and nil in FY2025 and FY2024, because DSP Design Associates was consolidated only from FY2026.
- The DRHP also shows proforma figures giving full effect to the DSP acquisition — proforma FY2026 revenue Rs 1,123.87 crore and proforma PAT Rs 100.07 crore. The restated consolidated figures carried in this record (Rs 881.90 crore / Rs 93.22 crore) are the audited basis; press coverage sometimes quotes one and sometimes the other.
Straight from the filing
Read it yourself
Every figure on this page comes out of these. Go and check them.
- Draft Red Herring Prospectus dated 30 September 2026 (BSE, 696 pages)30 Sep 2026The first draft, filed for review. No price band and no dates.Opens on bseindia.com
- Abridged Prospectus dated 30 September 2026 (360 ONE)30 Sep 2026The statutory summary that goes out with the application form — a dozen pages, not the full filing.Opens on s3.ap-south-1.amazonaws.com
Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.
The paperwork
Who is running the issue
- Lead managers
- ICICI Securities Limited, IIFL Capital Services Limited, 360 ONE WAM Limited
- RegistrarAllotment status is checked on the registrar's own site
- KFin Technologies Limited
How these figures were checked
Reconciled to Anarock's own prospectus and to exchange disclosures, then cross-checked against 4 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.
- Draft Red Herring Prospectus dated 30 September 2026 (BSE) - primary source for CIN, incorporation, promoters, offer size, financials, segments, employees, borrowings · read 17 Oct 2026
- SEBI - Draft Offer Documents filed with SEBI listing (checked for an Anarock entry; none present for Sept-Oct 2026) · read 17 Oct 2026
The prospectus is the authoritative document. Check anything that matters against it before you act.
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