All that you should know about the Company before applying for the IPO.
The public issue of equity shares of KEYSTONE REALTORS LIMITED will open for subscription on November 14, 2022 and closes on November 16, 2022. It is expected to list on the stock exchanges on November 24, 2022. What does the company do? Why is the company going public? Who are its key competitors? Its key strengths, and lot more. Here’s everything that you want to know about the company to analyse the IPO.
Keystone Realtors Ltd (“Rustomjee”) was incorporated in 1995 and is one of the most prominent real estate developers (in terms of absorption in number of units) in the micro markets in the Mumbai Metropolitan Region (MMR). They commanded a market share of 28% in Khar, 23% in Juhu, 11% in Bandra East, 14% in Virar, 3% in Thane and 5% in Bhandup in terms of absorption (in units) from 2017 to 2021.
As part of their business model, they focus on entering into joint development agreements, redevelopment agreements with landowners or developers or societies, and slum rehabilitation projects. These agreements require lower upfront capital investment compared to direct acquisition of land parcels. They have adopted an integrated real estate development model with capabilities and in-house resources to execute projects from initiation to completion. As of June 30, 2022, they had 1,542 channel partners who present the Rustomjee portfolio to their customers and drive customer traffic to projects.
The company has 32 Completed Projects, 12 Ongoing Projects and 21 Forthcoming Projects as of June 30, 2022 across MMR which includes a comprehensive range of projects under the affordable, mid and mass, aspirational, premium and super premium categories. They 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. Some of their notable projects are - Rustomjee Elements, Rustomjee Paramount, Rustomjee Seasons and Rustomjee Crown.
Boman Rustom Irani, Percy Sorabji Chowdhry, and Chandresh Dinesh Mehta
Given below are the objectives of the Company –
The Offer comprises a Fresh Issue by the company and an Offer for Sale by the selling shareholders. The company will not receive any proceeds from the Offer for Sale.
The Company proposes to utilise the Net Proceeds from the Fresh Issue towards funding of the following objects:
IPO Size | ₹635 Crore |
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Offer Mix | Freash Issue ₹560 Crore + Offer For Sell ₹75 Crore |
Price Band | ₹ 514 - ₹ 541 |
Lot Size | 27 Shares (& in multiples thereof) |
Face Value | ₹ 10 |
Application Amount | Min. ₹ 14,607 (1 lot) | Max. ₹ 1,89,891 (13 lots) [at upper price band] |
Listing on | NSE & BSE |
Registrar | Link Intime India Private Limited |
Cut-off time for UPI Mandate Confirmation | 16-November-2022 (up to 05:00 PM) |
QIB |
₹ 317.50 Crore (50% of the Issue Size) |
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NIB |
₹ 95.25 Crore (15% of the Issue Size) |
Retail |
₹ 222.25 Crore (35% of the Issue Size) |
Activity | Date |
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IPO Opens | November 14, 2022 |
IPO Closes | November 16, 2022 |
Finalization of the basis of allotment | November 21, 2022 |
Unblocking of funds / Initiation of refunds | November 22, 2022 |
Credit of equity shares to Demat accounts | November 23, 2022 |
Listing of equity shares | November 24, 2022 |
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