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All that you should know about the Company before applying for the IPO.

November 10, 2022     

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.

Company Profile

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.

Who are the Promoters of the Company?

Boman Rustom Irani, Percy Sorabji Chowdhry, and Chandresh Dinesh Mehta

Positives about the Company

  • Well established customer-centric brand in the Mumbai Metropolitan Region
  • Among the leading residential real estate development companies in MMR with a well-diversified portfolio and strong pipeline
  • Asset-light and scalable model resulting in profitability and stable financial performance
  • Demonstrated project execution capabilities with in-house functional expertise
  • Robust stakeholder management capabilities across the spectrum of project development
  • Technology focused operations resulting in operational efficiency and enhancing customer experiences
  • Strong focus on sustainable development
  • Experienced Promoters, qualified senior management, good corporate governance and committed employee base.

Who are its listed peers?

  • Macrotech Developers Limited
  • Godrej Properties Limited
  • Oberoi Realty Limited
  • Sunteck Realty Limited

Why is the Company going public?

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:

  • Repayment/ prepayment, in full or part, of certain borrowings availed by the Company and/or certain of their Subsidiaries
  • Funding acquisition of future real estate projects
  • General corporate purposes

IPO Details

IPO Size ₹635 Crore
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)

Category Wise Availability

QIB ₹ 317.50 Crore
(50% of the Issue Size)
NIB ₹ 95.25 Crore
(15% of the Issue Size)
Retail ₹ 222.25 Crore
(35% of the Issue Size)

Indicative Issue Timeline

Activity Date
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
Source: Company RHP  Alternate Text


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