Rustomjee IPO

Keystone Realtors IPO | Review

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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.


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.



Boman Rustom Irani – 46.91Percy Sorabji Chowdhry – 23.46%
Chandresh Dinesh Mehta – 23.46%

Promoter Holding

Pre-Issue Shareholding – 96.71%Post-Issue Shareholding – 87.92%

Strength & Weakness

Well established customer-centric brandCertain unsecured loans
Leading residential real estate development companiesDependent on the performance of the real estate market
Well-diversified portfolio and strong pipelineCertain errors in historical audited financial statements
Asset-light and scalable modelHave certain contingent liabilities
Stable financial performanceCertain outstanding litigation proceedings
Robust stakeholder management capabilitiesCapital intensive business
Technology focused operationsBusiness may affect by property taxes and stamp duty
Experienced Promoters & managementStiff competition in the market


Rustomjee ElementsRustomjee Paramount
Rustomjee SeasonsRustomjee Crown
Virar Global CityRustomjee Urbania


Macrotech Developers LtdGodrej Properties Ltd
Oberoi Realty LtdSunteck Realty Ltd

Company Financials

YearRevenue (in Crore)Profit (in Crore)

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

Retail (Min)127Rs.14,607
Retail (Max)13351Rs.1,89,891
S-HNI (Min)14378Rs.2,04,498
B-HNI (Max)691,863Rs.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 DateNovember 14-16, 2022
Allotment DateNovember 21, 2022
Initiation of RefundsNovember 22, 2022
Credit of share to Demat a/cNovember 23, 2022
IPO Listing DateNovember 24, 2022

Allotment Status

Link Intime –

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About the author

Shankar Awale

Hey! I am Shankar Awale an aspiring blogger with an obsession for all things of Finance. This blog is dedicated to help people to learn about Financial Knowledge in easy language.

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