Keystone Realtors IPO

Closed RHP

Rustomjee IPO Subscription Details

  • Open Date 14 Nov
  • Close Date 16 Nov
  • Lot Size 27
  • IPO Size ₹ 635.00 Cr
  • IPO Price Range ₹ 514 to ₹541
  • Min Investment ₹ 13878
  • Listing Exchange BSE, NSE
  • Basis of Allotment 21 Nov
  • Refunds 22 Nov
  • Credit to Demat Account 23 Nov
  • Listing Date 24 Nov

Keystone Realtors IPO Subscription Status

Date QIB NII Retail TOTAL
16-Nov-22 3.84x 3.03x 0.53x 2.01x
15-Nov-22 0.49x 0.72x 0.24x 0.41x
14-Nov-22 0.00x 0.11x 0.12x 0.08x

Rustomjee IPO Synopsis

Keystone Realty, prominent Mumbai-based real estate developer, is coming up with a Rs. 635 crore IPO which opens on 14TH November and closes on 16th November. The issue consists of a mixture of fresh issue of Rs. 560 crore and offers for sale (OFS) of Rs. 75 crores.
Promoters Boman Rustom Irani, Percy Sorabji Chowdhry, and Chandresh Dinesh Mehta will be participating in the offer for sale.
The lot size is 27 shares while the price band is fixed between Rs. 514 – Rs. 541 per share. The allotment of shares will be done by 21st November and the issue will list on the exchanges on 24th November.
Axis Capital and Credit Suisse Securities (India) are the book-running lead manager for the IPO.

Objective of Rustomjee IPO

The proceeds from the fresh issue will be utilised to 
•    repay certain borrowings availed by the company and subsidiaries
•    funding acquisitions of future real estate projects
•    general corporate purposes

Rustomjee IPO Video

About Keystone Realtors

Keystone Realtors is one of the prominent real estate developers (in terms of absorption in number of units) in the micro markets that it is present in. It 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 in terms of absorption (in units) from 2017 to 2021. As of June 30, 2022, it 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 its Rustomjee brand.

The company develops luxury projects which are environment friendly. For example, it uses solar panels in its projects to generate electricity for common areas to reduce reliance on non-renewable sources of energy. The business model allows the company to minimise the upfront capital expenditure compared to direct acquisition of land parcels, which ensures that the capital allocation is balanced and calibrated, allowing it to generate revenue with lower initial investments.

Keystone Realty plans to leverage its strength and experience in redevelopment, focus on such opportunities in Mumbai’s city centre locations and major suburbs, and continue to expand its business by following a disciplined approach with an asset-light model. It also plans to improve operational efficiency with technological innovation, trusted vendors, and stakeholder management.
Some of the notable projects include:

•    Rustomjee Elements, a large gated community in Upper Juhu, Mumbai; 

•    Rustomjee Paramount, a signature complex in Khar, Mumbai;

•    Rustomjee Seasons, 3.82 acres gated community in Bandra Annexe, Mumbai; 

•    Rustomjee Crown, a 5.75 acres land parcel for high-end development at Prabhadevi, South Mumbai, consisting of three high-rise towers

Check out our webstories on Keystone IPO

Profit and Loss

Balance Sheet

Particulars (in Rs. Crores) FY22 FY21 FY20
Revenue 1269.4 848.7 1211.5
EBITDA 210.7 149.5 193.4
PAT 135.8 231.8 14.5

 

Particulars (in Rs. Crores) FY22 FY21 FY20
Total Assets 3876.8 3654.1 4415.3
Share Capital 100.0 100.0 100.0
Total Borrowings 1558.0 1220.3 2513.9

 

Particulars (in Rs. Crores) FY22 FY21 FY20
Net cash generated from/(used in) operating activities -109.6 642.5 351.1
Net cash from / (used in) investing activities -137.7 -235.1 -199.8
Net cash flow from / (used in) financing activities 154.0 -609.3 171.2
Net increase (decrease) in cash and cash equivalents -93.3 -201.9 322.5

Peer Comparison

Name of the Company Total Income
(Rs. Cr)
Basic EPS NAV Rs. per share PE RoNW %
Keystone Realtors Limited 1,302.97 13.96 93.24 NA 14.97%
Macrotech Developers Limited 9,579.17 26.28 255.11 36.06 10.30%
Godrej Properties Limited 2,585.69 12.68 312.09 99.31 4.06%
Oberoi Realty Limited 2,752.42 28.8 286.47 32.16 10.05%
Sunteck Realty Limited 534.02 1.79 198.77 220.34 0.90%


Rustomjee IPO Key Points

  • Strengths

    1.    Well established customer-centric brand in the Mumbai Metropolitan Region
    2.    Amongst the leading residential real estate development companies in MMR with a well-diversified portfolio and strong pipeline
    3.    Asset-light and scalable model resulting in profitability and stable financial performance
    4.    Demonstrated project execution capabilities with in-house functional expertise
    5.    Technology focused operations resulting in operational efficiency and enhancing customer experiences
     

  • Risks

    1.    Fluctuations in market conditions in the Mumbai Metropolitan Region
    2.    Ability to anticipate and respond to consumer preferences requirements
    3.    Significant increases in prices or shortage of or delay or disruption in supply of, construction materials and equipment 
    4.    An increase in the price of land and/ or shortages of land 
    5.    Unsecured loans availed by us may be recalled by lenders
     

How to apply for IPO?

  • Login to your 5paisa account and select the issue in the current IPO section

  • Enter the number of lots and price at which you wish to apply for

  • Enter your UPI ID and click on submit. With this, your bid will be placed with the exchange

  • You will receive a mandate notification to block funds in your UPI app

  • Approve the mandate request on your UPI and funds will be blocked

Rustomjee IPO FAQs

What is the minimum lot size and investment required for the Keystone Realtors IPO?

The Keystone Realtors IPO lot size is 27 shares per lot.  A retail-individual investor can apply for up to 13 lots (351 shares or ₹189,891)

What is the price band of the Keystone Realtors IPO?

The price band of the Keystone Realtors IPO is Rs. 514 – 541 per share

When does the Keystone Realtors issue open and close?

The Keystone Realtors issue opens on 14th November and closes on 16th November. 

What is the size of Keystone Realtors IPO issue?

The Keystone Realtors IPO issue consists of fresh issue of Rs. 560 crore and offers for sale (OFS) of Rs. 75 crores. 

Who are the promoters/key personnels of Keystone Realtors?

Keystone Realtors is promoted by Boman Rustom Irani, Percy Sorabji Chowdhry, and Chandresh Dinesh Mehta.

What is the allotment date of Keystone Realtors IPO?

The allotment date of the Keystone Realtors IPO is 21st November

What is the Keystone Realtors IPO listing date?

The listing date of Keystone Realtors IPO for the issue is 24th November. 

Who are the book runners for Keystone Realtors IPO?

Axis Capital and Credit Suisse Securities (India) are the book running lead managers to the issue.

What is the objective of the issue?

The proceeds from the issue will be used in the following manner:

•    repay certain borrowings availed by the company and subsidiaries
•    funding acquisitions of future real estate projects
•    general corporate purposes
 

How to apply for the Keystone Realtors IPO?

To apply for the IPO, follow the steps given below

•    Login to your 5paisa account and select the issue in the current IPO section
•    Enter the number of lots and price at which you wish to apply for
•    Enter your UPI ID and click on submit. With this, your bid will be placed with the exchange
•    You will receive a mandate notification to block funds in your UPI app
 

Contact Details of Keystone Realtors IPO

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 Register

Link Intime India Private Ltd

Phone: +91-22-4918 6270
Email: rustomjee.ipo@linkintime.co.in
Website: https://linkintime.co.in/

Keystone Realtors IPO Lead Manager

Axis Capital Limited (Past IPO Performance)
Credit Suisse Securities (India) Private Limited (Past IPO Performance)