Keystine Realtors

Equity shares to be offered under the IPO will come with a face value of Rs 10 each

Mumbai-based real estate player Keystone Realtors is launching its initial public offering (IPO) on November 14 and the offer will close on November 16.  The company has fixed the price band at Rs 514-541 per share and investors can bid for anchor portion on November 11, a day before the IPO. The equity shares to be offered under the IPO will come with a face value of Rs 10 each.

Keystone Realtors, which sells properties under the Rustomjee brand, is looking to raise Rs 635 crore from the IPO through fresh issuance of shares worth Rs 50 crore and an offer-for-sale of Rs 75 crore. About 50 per cent of the offer is reserved for qualified institutional buyers, 15 per cent for high-net-worth individuals and the rest 35 per cent for retail investors. The issue proceeds will primarily be used for repaying existing debts, buying real estate projects and other corporate purposes.

Keystone Realtors, which was incorporated in 1992, has completed 32 projects, developed 20.05 million square feet of real estate projects across various segments under Rustomjee brand, as of March 2022. The company has 12 ongoing projects and 19 forthcoming projects across the Mumbai Metropolitian Region (MMR) in its kitty.