June 10 (Reuters) - India's Raymond Realty, recently carved out from the namesake conglomerate, is on track to list in early July as the group looks to streamline its corporate structure, a top executive told Reuters on Tuesday.
This will be Raymond's third publicly traded entity after Raymond Lifestyle, which houses the suits and shirts business.
"The exact date (for the listing) is not confirmed yet, but it should be early July," Gautam Singhania, chairman and managing director of the group, said in an interview, without elaborating.
Each shareholder will receive one share of Raymond Realty for every share held in Raymond, the group said previously.
Raymond approved the demerger of Raymond Realty on May 1 and announced May 14 as the record date to determine eligible shareholders for the real estate business.
The stock fell around 66% on May 14 because of a price adjustment after the demerger, but the decline was not a real loss for investors, just a technical revision in the share price.
After adjusting for the demerger, Raymond's shares jumped nearly 23% in May, their biggest monthly gain since June 2024.
Brokerage Systematix expects Raymond Realty to be priced at 1,076 rupees per share and forecast operating profit of 5.97 billion rupees ($69.7 million) in the ongoing fiscal 2026.
The business reported a 45% rise in revenue to 23.13 billion rupees for the financial year ended March 31, with operating profit up 37% at 5.07 billion rupees.
($1 = 85.6150 Indian rupees)
Reporting by Praveen Paramasivam in Chennai and Bharath Rajeswaran in Bengaluru; Editing by Sonia Cheema
Source: Reuters