Keystone IPO to open on November 14th

9 Nov 2022 , 11:35 AM

Keystone Realtors, a Mumbai-based real estate developer owned by the Rustomjee Group, will launch its Rs 635 crore initial public offering (IPO) on Monday, November 14. The first public offering will be available until November 16 and will include a fresh issuance of Rs560 crore and an offer of sale (OS) of Rs75 crore.

Boman Rustom Irani, Percy Sorabji Chowdhry, and Chandresh Dinesh Mehta are the company’s promoters who are selling stakes in the OFS.

The qualified institutional buyers (QIBs) will receive 50% of the retail quota in the IPO, leaving 15% open to non-institutional bidders.

The IPO’s book-running lead managers are Axis Capital Limited and Credit Suisse Securities (India) Private Limited.

Keystone stated that it intended to use the net proceeds for general corporate operations, the repayment or prepayment of certain borrowings, and funding the purchase of upcoming real estate projects.

The real estate developer has 19 upcoming projects, 12 active projects, and 32 finished projects throughout the Mumbai Metropolitan Region (MMR) as of March 2022. It has created 20.05 million square feet of high-quality and reasonably priced residential structures, exclusive gated estates, townships, business parks, retail spaces, educational facilities, famous landmarks, and numerous other real estate projects.

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