Keystone Realtors’ Rs 635 crore-IPO to open on November 14

Rustomjee Brand Logo – Keystone Realtors

MUMBAI, 8 NOVEMBER, 2022 (GPN): Mumbai-based Keystone Realtors, which sells properties under the brand ‘Rustomjee’, will hit the capital market on November 14 to raise Rs 635 crore through its Initial Public Offer (IPO).

According to the Red Herring Prospectus (RHP), the company plans to raise Rs 635 crore. The size of the IPO has been reduced as earlier the company had planned to raise Rs 850 crore.

The IPO consists of a fresh issue of equity shares aggregating up to Rs 560 crore and an Offer For Sale (OFS) worth Rs 75 crore by promoters.

The bidding for anchor investors will open on November 11. The public issue will close on November 16.

As a part of the OFS, promoter Boman Rustom Irani will now sell shares worth up to Rs 37.5 crore and stocks to the tune of Rs 18.75 crore each will be offloaded by Percy Sorabji Chowdhry and Chandresh Dinesh Mehta.

The company intends to utilise the net proceeds towards funding the repayment/ prepayment of borrowings to the tune of Rs 341.6 crore as well as towards funding the acquisition of future real estate projects and general corporate purposes.

Keystone Realtors IPO Details

IPO Date Nov 14, 2022 to Nov 16, 2022
Listing Date [.]
Face Value ₹10 per share
Price ₹514 to ₹541 per share
Lot Size 27 Shares
Issue Size 11,737,523 shares of ₹10
(aggregating up to ₹635.00 Cr)
Fresh Issue 10,351,201 shares of ₹10
(aggregating up to ₹560.00 Cr)
Offer for Sale 1,386,322 shares of ₹10
(aggregating up to ₹75.00 Cr)
Issue Type Book Built Issue IPO
Listing At BSE, NSE
QIB Shares Offered Not more than 50% of the Offer
NII (HNI) Shares Offered Not less than 15% of the Offer
Retail Shares Offered Not less than 35% of the Offer
Company Promoters Boman Rustom Irani, Percy Sorabji Chowdhry, and Chandresh Dinesh Mehta are the company promoters.

Company Financials

Keystone Realtors Limited Financial Information (Restated)
Period Ended Total Assets Total Revenue Profit After Tax Total Borrowing
31-Mar-19 4153.07 2142.65 137.74 1372.4
31-Mar-20 4415.31 1268.6 14.49 1220.26
31-Mar-21 3654.1 1177.27 231.82 2513.9
30-Jun-21 3676.24 91.4 -0.97 1145.56
31-Mar-22 3876.84 1302.97 135.83 1557.96
30-Jun-22 3910.15 176 4.22 1468.83
Amount in ₹ Crore

Keystone Realtors IPO is a main-board IPO of 11,737,523 equity shares of the face value of ₹10 aggregating up to ₹635.00 Crores. The issue is priced at ₹514 to ₹541 per share. The minimum order quantity is 27 Shares.

The IPO opens on Nov 14, 2022, and closes on Nov 16, 2022.

Link Intime India Private Ltd is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.

Incorporated in 1995, Keystone Realtors Limited is one of the prominent real estate developer. The company is engaged primarily in the business of real estate construction, development and other related activities in India.

As of June 30, 2022, the company had 32 Completed Projects, 12 Ongoing Projects and 21 Forthcoming Projects across the Mumbai Metropolitan Region (“MMR”) that includes a comprehensive range of projects under the affordable, mid and mass, aspirational, premium and super premium categories, all under the Rustomjee brand.

June 30, 2022, Keystone Realtors have developed 20.22 million square feet of high-value and affordable residential buildings, premium gated estates, townships, corporate parks, retail spaces, schools, iconic landmarks and various other real estate projects.

As part of the business model, the company is entering into joint development agreements, redevelopment agreements with landowners or developers or societies, and slum rehabilitation projects, which requires lower upfront capital investment compared to direct acquisition of land parcel.

The company have adopted an integrated real estate development model for every stage of the property development life cycle, commencing from business development, which involves the identification of land parcels and the conceptualization of the development, to execution, comprising planning, designing and overseeing the construction activities, marketing and sales.

As of June 30, 2022, The company have developed over 280 buildings and homes for over 14,000 families.Ends

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