We have valued Oberoi Realty on NAV approach. While the ongoing projects are valued as per Oberoi Realty’s guidance on completion dates, we have built in conservatism while valuing longer duration and still to commence projects. As per our post money valuation, the IPO is available at 11% – 13% discount at its price band of INR 253 – 260. Though the valuation is relatively rich compared to the other listed players in the real estate industry, high visibility on Oberoi Realty’s limited number of projects along with zero debt on the balance sheet should justify the premium. On conservative valuation, the stock looks fully valued and the upside is possible from the timely completion of the projects, increase in realizations and land acquisition through leveraging balance sheet. We recommend Subscribe with long term view