Keystone Realtors' IPO to open today

14 Nov 2022 , 08:22 AM

Mumbai-based real estate company Keystone Realtors will launch its initial public offering on Monday in order to collect Rs635 crore. Under the name “Rustomjee,” the business is a real estate developer.

When approached, Boman Rustom Irani, CMD of Keystone Realtors Ltd, told ET: “Trust and teamwork have been the foundations of our business. I’m excited to see what our capable and motivated team can accomplish going ahead to advance Rustomjee.”

Keystone Realtors has sought to raise Rs635 crore through the IPO, which entails a fresh issue of equity shares with a maximum value of Rs560 crore and an Offer-For-Sale (OFS) by promoters for Rs75 crore.

The share price range has been set at Rs514-541. The issue’s public subscription period will start on November 14 and end on November 16.

Promoter Boman Rustom Irani will sell up to Rs37.5 crore worth of shares as part of the OFS, and Percy Sorabji Chowdhry and Chandresh Dinesh Mehta will each sell shares worth Rs18.75 crore.

According to the purpose of the public offering, the company aims to use the net proceeds to pay off or prepay borrowings totalling Rs341.6 crore. The money will also be used for general corporate reasons and the purchase of upcoming real estate projects.

Over Rs190 crore has already been raised by anchor investors for Keystone Realtors.

Nearly 35% of the anchor investor part was made up of Saint Capital, Morgan Stanley, and Abu Dhabi Investment Authority (ADIA).

Since its establishment in 1995, Keystone Realtors has completed 32 projects, is working on 12 more, and has 19 more planned for the Mumbai Metropolitan Region (MMR).

As of March 2022, the real estate company created 20.05 million square feet of high-quality and inexpensive residential structures, exclusive gated estates, townships, corporate parks, retail spaces, educational facilities, famous landmarks, and numerous other real estate projects.

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