Rustomjee Group-owned Keystone Realtors' Rs 635-crore IPO opens today, details here

Today, on 14 November, Keystone Realtors, a real estate developer located in Mumbai, will release its initial public offering (IPO). The Mumbai-based company now intends to raise Rs. 635 crores, according to the Red Herring Prospectus (RHP). The IPO’s size has decreased from its initial amount of Rs 850 crore. The Rustomjee Group company’s IPO consists of a fresh issuance for 560 crores. The range of the offer’s price has been set at Rs 514 to Rs 541 per share. The deadline for the public issue is 16 November. There is a minimum bid amount of 27 shares, and bids can be made in multiples of 27 shares after that. The book-running lead managers (BRLM) for the IPO are Axis Capital and Credit Suisse Securities (India), and Link Intime India is the IPO’s registrar. The issue’s bankers are Axis Capital and Credit Suisse Securities. The company plans to employ the net funds to pay off or prepay borrowings worth Rs 341.6 crore, as well as to cover the purchase of upcoming real estate projects and other general business requirements. On 11 November, prior to its initial public offering, Keystone Realtors mobilised Rs 190.5 crore via anchor book. After consulting with merchant bankers, the real estate developer owned by the Rustomjee Group announced that it has decided to allocate 35.21 lakh equity shares to anchor investors at a price of Rs 541 per share. Through the anchor book, a total of 16 anchor investors purchased shares of the company. Abu Dhabi Investment Authority, Morgan Stanley, SBI Life Insurance, Aditya Birla Sun Life, IDFC Mutual Fund, HDFC Life Insurance Company, Tata Mutual Fund, IIFL Special Opportunities Fund, Saint Capital Fund, and BNP Paribas Arbitrage are a few of the companies on the list. By 31 March this year, Keystone Realtors had built residential structures of 20.05 million square feet, as well as exclusive gated estates, townships, corporate parks, retail locations, educational facilities, renowned landmarks, and other real estate projects. In comparison to FY21’s revenue of Rs 848.7 crore, it recorded a profit of Rs 135.8 crore and revenues of Rs 1,269 crore in FY22. Read all the Latest News , Trending News , Cricket News , Bollywood News , India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.