Keystone Realtors Limited has come up with an initial public offer (IPO). It will open on November 14-16, 2022 at Rs.514-541 a share. The IPO issue size is around Rs.635.00 crores. The minimum bid will be for 27 shares and in its multiples thereafter.
Overview
Keystone Realtors Limited was incorporated in 1995. It is one of the prominent real estate developers in the micro markets. The company commands a market share of 28% in Khar, 23% market in Juhu, 11% in Bandra East, 14% in Virar, 3% in Thane and 5% in Bhandup. It has 32 Completed Projects, 12 Ongoing Projects and 21 Forthcoming Projects across the Mumbai Metropolitan Region (“MMR”). Under ‘Rustomjee’ brand, there is a comprehensive range of projects under the affordable, mid and mass, aspirational, premium and super premium categories. As of June 30, 2022, the company has 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.
Since company’s inception in 1995, it has strived to create a brand focused on customer satisfaction, building communities and nurturing spaces that provide our customers a superior lifestyle. It aspires to have customers perceive the ‘Rustomjee’ brand as a trusted provider of quality offerings and services due to its track record of delivering multiple high-end awardwinning buildings, gated communities and townships.
As part of business model, the company is entering into joint development agreements, redevelopment agreements with landowners or developers or societies, and slum rehabilitation projects.
Website – https://www.rustomjee.com/
Promoters
| Boman Rustom Irani – 46.91 | Percy Sorabji Chowdhry – 23.46% |
| Chandresh Dinesh Mehta – 23.46% |
Promoter Holding
| Pre-Issue Shareholding – 96.71% | Post-Issue Shareholding – 87.92% |
Strength & Weakness
| Strengths | Weaknesses |
| Well established customer-centric brand | Certain unsecured loans |
| Leading residential real estate development companies | Dependent on the performance of the real estate market |
| Well-diversified portfolio and strong pipeline | Certain errors in historical audited financial statements |
| Asset-light and scalable model | Have certain contingent liabilities |
| Stable financial performance | Certain outstanding litigation proceedings |
| Robust stakeholder management capabilities | Capital intensive business |
| Technology focused operations | Business may affect by property taxes and stamp duty |
| Experienced Promoters & management | Stiff competition in the market |
Projects
| Rustomjee Elements | Rustomjee Paramount |
| Rustomjee Seasons | Rustomjee Crown |
| Virar Global City | Rustomjee Urbania |
Competitors
| Macrotech Developers Ltd | Godrej Properties Ltd |
| Oberoi Realty Ltd | Sunteck Realty Ltd |
Company Financials
| Year | Revenue (in Crore) | Profit (in Crore) |
| 31-Mar-2020 | 1,268.60 | 14.49 |
| 31-Mar-2021 | 1,177.27 | 231.82 |
| 31-Mar-2022 | 1,302.97 | 135.83 |
| 30-Jun-2022 | 176.00 | 4.22 |
Object of Issue
1) Each of the Selling Shareholders will be entitled to their respective portion of the proceeds of the Offer for Sale.
2) Repayment/ prepayment, in full or part, of certain borrowings availed by our Company and/or certain of our Subsidiaries.
3) Funding acquisition of future real estate projects and general corporate purposes.
Keystone Realtors IPO Lot Size
| Application | Lot | Shares | Amount |
| Retail (Min) | 1 | 27 | Rs.14,607 |
| Retail (Max) | 13 | 351 | Rs.1,89,891 |
| S-HNI (Min) | 14 | 378 | Rs.2,04,498 |
| B-HNI (Max) | 69 | 1,863 | Rs.10,07,883 |
Keystone Realtors IPO Details
| IPO Opening Date | November 14, 2022 |
| IPO Closing Date | November 16, 2022 |
| Face Value | Rs.10 per Equity Share |
| IPO Price | Rs.514-541 per share |
| Market Lot | 27 shares |
| Minimum Order Quantity | 27 shares |
| Listing At | NSE, BSE |
| No. of shares offered (Fresh Issue) | 1,03,51,201 shares |
| No. of shares offered (OFS) | 13,86,322 shares |
| Issue Size | Up to Rs.635.00 Crore |
| QIB Shares Offered | 50% of the offer |
| Retail Shares Offered | 35% of the offer |
| NII/HNI Shares Offered | 15% of the offer |
Keystone Realtors IPO Timetable
| IPO Date | November 14-16, 2022 |
| Allotment Date | November 21, 2022 |
| Initiation of Refunds | November 22, 2022 |
| Credit of share to Demat a/c | November 23, 2022 |
| IPO Listing Date | November 24, 2022 |
Allotment Status
Link Intime – https://linkintime.co.in/
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