Keystone Realtors are one of the prominent real estate developers in the micro markets that it is present in. It has experience in developing lifestyle projects, high value standalone buildings, gated communities and fully integrated townships, re-developments and stalled projects.
As of 31 March 2022, The company had 32 Completed Projects, 12 Ongoing Projects and 19 Forthcoming Projects across the Mumbai Metropolitan Region (“MMR”). As of 31 March 2022, we have developed 20.05 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.
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, a 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.
Keystone Realtors IPO – Details
| IPO Opening Date | 14 November 2022 |
| IPO Closing Date | 16 November 2022 |
| Issue Type | Book Built Issue IPO |
| Issue Size | ₹635 Crore |
| Fresh Issue | ₹560 Crore |
| Offer For Sale | ₹75 Crore |
| Face Value | ₹1 per equity share |
| IPO Price | ₹514 – ₹541 |
| Market Lot | 27 Shares |
| Min Order | 27 Shares (1 Lot) |
| Listing At | BSE, NSE |
| Register | Link Intime India Private Limited |
| QIB Shares Offered | 50% |
| Retail Shares Offered | 35% |
| NII (HNI) Shares Offered | 15% |
Keystone Realtors IPO – Date Schedule
| IPO Open Date | 14 November 2022 |
| IPO Close Date | 16 November 2022 |
| Basis of Allotment Date | 21 November 2022 |
| Initiation of Refunds | 22 November 2022 |
| Credit of Shares to Demat Account | 23 November 2022 |
| IPO Listing Date | 24 November 2022 |
Keystone Realtors IPO – Lots Size & Price
| Application | Lots | Shares | Amount ( Cut-Off) |
| Minimum | 1 | 27 | 14,607 |
| Maximum | 13 | 351 | 1,89,891 |
Competitive Strengths
- Well established customer-centric brand in the Mumbai Metropolitan Region;
- Among the leading residential real estate development companies in MMR with a well-diversified portfolio and strong pipeline;
- Asset-light and scalable model resulting in profitability and stable financial performance;
- Demonstrated project execution capabilities with in-house functional expertise;
- Robust stakeholder management capabilities across the spectrum of project development;
- Technology focused operations resulting in operational efficiency and enhancing customer experiences;
- Strong focus on sustainable development; and
- Experienced Promoters, qualified senior management, good corporate governance and committed employee base.
Company Promoters
- Boman Rustom Irani
- Percy Sorabji Chowdhry
- Chandresh Dinesh Mehta
Company Financials
| Particulars | Total Revenue | Total Expense | Profit After Tax |
|---|---|---|---|
| 31 March 2019 | 2142.64 | 1959.93 | 137.74 |
| 31 March 2020 | 1268.59 | 1205.58 | 14.49 |
| 31 March 2021 | 1177.26 | 876.02 | 231.82 |
| 30 June 2021 | 91.40 | 90.96 | -0.97 |
| 31 December 2021 | 1055.05 | 934.15 | 95.82 |
| 31 March 2022 | 1302.96 | 1116.44 | 135.82 |
| 30 June 2022 | 175.99 | 168.11 | 4.22 |
Object Of The Issue
- Repayment/ prepayment, in full or part, of certain borrowings availed by our Company and/or certain of our Subsidiaries; and
- Funding acquisition of future real estate projects and general corporate purposes.
Keystone Realtors Peer Comparison
| S. No. | Face Value | Company Name | PE |
| 1 | 10 | Macrotech Developers Limited | 1,089.01 |
| 2 | 5 | Godrej Properties Limited | NA |
| 3 | 10 | Oberoi Realty Limited | 38.40 |
| 4 | 1 | Sunteck Realty Limited | 159.36 |
Keystone Realtors IPO Strengths
- Well established customer-centric brand in the Mumbai Metropolitan Region.
- Asset-light and scalable model resulting in profitability and stable financial performance.
- Robust stakeholder management capabilities across the spectrum of project development.
- Strong focus on sustainable development.
Keystone Realtors IPO Risks
- Their operations and financial success are heavily reliant on the health of India’s real estate market, notably that of the Mumbai Metropolitan Region.
- Their business could experience a materially negative impact if they are unable to complete their ongoing projects and upcoming projects by the respective projected completion dates or at all.
- The success of these projects depends on their capacity to foresee and fulfil customer desires in the various market segments. They concentrate on developing residential projects across several categories within the MMR.
- In order to acquire property, development rights, or redevelopment rights, which may come with risks, they have entered into joint development agreements, joint venture arrangements, and redevelopment contracts with third party companies.
Keystone Realtors IPO Promoter Holding
| Pre Issue Share Holding | 96.71% |
| Post Issue Share Holding | 87.92% |
Keystone Realtors IPO Prospectus
Company Contact Information
| Keystone Realtors Limited 702, Natraj, MV Road Junction, Western Express Highway, Andheri (East), Mumbai, Maharashtra, India 400069 Tel: +91 (22) 6676 6888 E-mail: cs@rustomjee.com Website: www.rustomjee.com |
Keystone Realtors IPO Registrar
| Link Intime India Private Limited C-101, 1st Floor, 247 Park L.B.S. Marg, Vikhroli West, Mumbai 400 083 Maharashtra, India Tel: +91 22 4918 6200 E-mail: rustomjee.ipo@linkintime.co.in Website: www.linkintime.co.in |
Keystone Realtors IPO Lead Manager(s)
| 1. Axis Capital Limited 2. Credit Suisse Securities (India) Private Limited |
Keystone Realtors IPO FAQs
| What is Keystone Realtors IPO? Keystone Realtors IPO is a main-board IPO. The issue is priced at ₹514 to ₹541 per equity share. The IPO is to be listed on BSE & NSE. |
| When Keystone Realtors IPO will open? The IPO is to open on 14 November 2022 for QIB, NII, and Retail Investors. |
| What is Keystone Realtors IPO Investors Portion? The investors’ portion for QIB-50%, NII-15%, and Retail 35%. |
| How to Apply the Keystone Realtors IPO? You can apply Keystone Realtors IPO via ASBA online via your bank account. You can also apply for ASBA online via UPI through your stock brokers. You can also apply via your stock brokers by filling up the offline form. |
| How to Apply the Keystone Realtors IPO through Angle One? Log in to Angle One Application with your credentials. Select the IPO. You will see the IPO Name “Keystone Realtors”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with Angle One. |
| How to Apply the Keystone Realtors IPO through 5 Paisa? Log in to 5 Paisa Application with your credentials. Select the IPO. You will see the IPO Name “Keystone Realtors”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with 5 Paisa. |
| How to Apply the Keystone Realtors IPO through Upstox? Log in to Upstox Application with your credentials. Select the IPO. You will see the IPO Name “Keystone Realtors”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with Upstox. |
| How to Apply the Keystone Realtors IPO through IIFL? Log in to IIFL Application with your credentials. Select the IPO. You will see the IPO Name “Keystone Realtors”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with IIFL. |
| What is Keystone Realtors IPO Size? Keystone Realtors IPO size is ₹635 Crore. |
| What is Keystone Realtors IPO Price Band? Keystone Realtors IPO Price Band is ₹514 to ₹541. |
| What is Keystone Realtors IPO Minimum and Maximum Lot Size? The minimum bid is 27 Shares with ₹14,607 amount while the maximum bid is 351 shares with ₹1,89,891. |
| What is the Keystone Realtors IPO Allotment Date? Keystone Realtors IPO allotment date is 21 November 2022. |
| What is the Keystone Realtors IPO Listing Date? Keystone Realtors IPO listing date is 24 November 2022. The IPO is to list on BSE and NSE. |
