Incorporated in 1995, Keystone Realtors Limited is one of the prominent real estate developer. The company is engaged primarily in the business of real estate construction, development and other related activities in India.
As of June 30, 2022, the company had 32 Completed Projects, 12 Ongoing Projects and 21 Forthcoming Projects across the Mumbai Metropolitan Region (“MMR”) that includes a comprehensive range of projects under the affordable, mid and mass, aspirational, premium and super premium categories, all under the Rustomjee brand.
June 30, 2022, Keystone Realtors have 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.
As part of the business model, the company is entering into joint development agreements, redevelopment agreements with landowners or developers or societies, and slum rehabilitation projects, which requires lower upfront capital investment compared to direct acquisition of land parcel.
The company have adopted an integrated real estate development model for every stage of the property development life cycle, commencing from business development, which involves the identification of land parcels and the conceptualization of the development, to execution, comprising planning, designing and overseeing the construction activities, marketing and sales.
As of June 30, 2022, The company have developed over 280 buildings and homes for over 14,000 families.
Company Financials
| Period Ended | Total Assets(Cr) | Total Revenue(Cr) | Profit After Tax(Cr) | Total Borrowing(Cr) |
|---|---|---|---|---|
| 31-Mar-19 | 4153.07 | 2142.65 | 137.74 | 1372.4 |
| 31-Mar-20 | 4415.31 | 1268.6 | 14.49 | 1220.26 |
| 31-Mar-21 | 3654.1 | 1177.27 | 231.82 | 2513.9 |
| 30-Jun-21 | 3676.24 | 91.4 | -0.97 | 1145.56 |
| 31-Mar-22 | 3876.84 | 1302.97 | 135.83 | 1557.96 |
| 30-Jun-22 | 3910.15 | 176 | 4.22 | 1468.83 |
Objects of the Issue
Each of the Selling Shareholders will be entitled to their respective portion of the proceeds of the Offer for Sale.
The company propose to utilise the Net Proceeds towards funding the following objects:
1. Repayment/ prepayment, in full or part, of certain borrowings availed by the Company and/or certain of the Subsidiaries.
2. Funding acquisition of future real estate projects and general corporate purposes.
Keystone Realtors IPO Details
| IPO Date | Nov 14, 2022 to Nov 16, 2022 |
| Listing Date | [.] |
| Face Value | ₹10 per share |
| Price | ₹514 to ₹541 per share |
| Lot Size | 27 Shares |
| Issue Size | 11,737,523 shares of ₹10 (aggregating up to ₹635.00 Cr) |
| Fresh Issue | 10,351,201 shares of ₹10 (aggregating up to ₹560.00 Cr) |
| Offer for Sale | 1,386,322 shares of ₹10 (aggregating up to ₹75.00 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
| QIB Shares Offered | Not more than 50% of the Offer |
| NII (HNI) Shares Offered | Not less than 15% of the Offer |
| Retail Shares Offered | Not less than 35% of the Offer |
| Company Promoters | Boman Rustom Irani, Percy Sorabji Chowdhry, and Chandresh Dinesh Mehta are the company promoters. |
Keystone Realtors IPO Tentative Timetable
Keystone Realtors IPO opens on Nov 14, 2022, and closes on Nov 16, 2022. The Keystone Realtors IPO bid date is from Nov 14, 2022 10.00 A.M. to Nov 16, 2022 5.00 P.M. The Cut-off time for UPI Mandate confirmation is 5 PM on the issue closing day.
| Event | Tentative Date |
|---|---|
| Opening Date | Nov 14, 2022 |
| Closing Date | Nov 16, 2022 |
| Basis of Allotment | Nov 21, 2022 |
| Initiation of Refunds | Nov 22, 2022 |
| Credit of Shares to Demat | Nov 23, 2022 |
| Listing Date | Nov 24, 2022 |
Keystone Realtors IPO Lot Size
The Keystone Realtors IPO lot size is 27 shares. A retail-individual investor can apply for up to 13 lots (351 shares or ₹189,891).
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 27 | ₹14,607 |
| Retail (Max) | 13 | 351 | ₹189,891 |
| S-HNI (Min) | 14 | 378 | ₹204,498 |
| B-HNI (Min) | 69 | 1,863 | ₹1,007,883 |
Keystone Realtors IPO Promoter Holding
| Pre Issue Share Holding | 96.71% |
| Post Issue Share Holding | 87.92% |
Keystone Realtors IPO Review
Based on its current financial data, the issue appears fully priced, but considering growth prospects with projects on hand, well-informed cash surplus investors may consider the investment with a medium to long-term perspective.
Keystone Realtors IPO Subscription Status (Bidding Detail)
The Keystone Realtors IPO is subscribed 2.01 times on Nov 16, 2022 5:12:00 PM. The public issue subscribed 0.53 times in the retail category, 3.84 times in the QIB category, and 3.03 times in the NII category.
| Category | Subscription (times) |
|---|---|
| QIB | 3.84 |
| NII | 3.03 |
| bNII (bids above ₹10L) | 3.78 |
| sNII (bids below ₹10L) | 1.53 |
| Retail | 0.53 |
| Total | 2.01 |
Company Contact Information
Keystone Realtors Limited
702, Natraj, MV Road Junction,
Western Express Highway,
Andheri (East), Mumbai, Maharashtra, 400069
Phone: +91 (22) 6676 6888
Email: cs@rustomjee.com
Website: https://www.rustomjee.com/
Keystone Realtors IPO Registrar
Link Intime India Private Ltd
Phone: +91-22-4918 6270
Email: rustomjee.ipo@linkintime.co.in
Website: https://linkintime.co.in/