The initial public offering (IPO) of Keystone Realtors, which sells properties under the brand 'Rustomjee', received 2 times subscription on the last day of offer on Wednesday, November 16, 2022. The issue got bids for 1,73,72,367 shares against 86,47,858 shares on offer.
Keystone Realtors IPO had a fresh issue of up to ₹560 crore and an offer for sale of up to ₹75 crore. The price range for the initial share sale was fixed at ₹514-541 a share. On Friday, Keystone Realtors said it has collected a little over ₹190 crore from anchor investors.
The company decided to allot 35.21 lakh equity shares to 16 anchor investors at ₹541 apiece. Abu Dhabi Investment Authority, Morgan Stanley and Saint Capital accounted for nearly 35% of the anchor investor portion. Domestic mutual funds Aditya Birla Mutual Fund, IDFC Mutual Fund, Tata Mutual Fund and Quant Mutual Fund also participated in the anchor investor portion. SBI Life Insurance and HDFC Life Insurance Company too were part of the anchor investors.
The finalisation of the basis of share allotment is expected to take place next week on Monday, November 21, 2022. The shares of the company are expected to list on stock exchanges on Thursday, November 24, 2022.
The company intends to utilise the net proceeds towards funding the repayment/prepayment of borrowings to the tune of ₹341.6 crore as well as towards funding the acquisition of future real estate projects and general corporate purposes.
Founded in 1995, Keystone Realtors has 32 completed projects, and has 12 ongoing projects and 19 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 Rustomjee brand.
The realty firm has 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 as of March 2022.
Axis Capital and Credit Suisse Securities (India) were the managers to the offer whereas Link Intime India Private Ltd is the registrar of the issue.
.jpg)
