Keystone Realtors IPO launch date is 14th November. The company filed DRHP with market regulator SEBI on June 10, 2022. Keystone Realtors Pvt Ltd, Rustomjee group of company, is coming up with an INR 635 crore Initial public offering. SEBI approved the IPO documents and asked the company to come up with the IPO date and Price. Total IPO consists of an Offer for Sale (OFS) of INR 75 Crore and a fresh issue of INR 560 Crore. The face value of each equity share will be INR 10 per equity share. The stock will be listed in both BSE and NSE.
Utilization of Net Proceeds from Rustomjee IPO / Keystone Realtors IPO
Keystone Realtors Pvt Ltd will not receive any amount from the offer for sale. However, the company will use the net proceeds from Keystone Realtors IPO.
- The company will repay/ prepay, in full or part, itself and its subsidiaries’ borrowings with INR 427 Crore.
- The rest of the amount will be used to fund the acquisition of future real estate projects and general corporate purposes.
Rustomjee IPO – Company Overview
The company was incorporated as ‘‘Keystone Realtors Private Limited’, in Mumbai on November 6, 1995. The name again changed to “Keystone Realtors Limited” on April 28, 2022, and a certificate of change of name was issued by the RoC. Keystone Realtors is a leading real estate developer under the Rustomjee Group brand.
- Keystone Realtors Pvt Ltd has been in the business for over 26 years.
- Developed over 20 million square feet of space, over 14000 homes, 2 Mega townships, and over 280 buildings as of March 2022.
- Over 34 million square feet of space is in pipeline to be developed.
Rustomjee Project Details
The group offers one of the best properties across the country in India, with a major focus on Maharashtra, all under the Rustomjee brand. A few landmark properties in Mumbai are Rustomjee Paramount, Rustomjee Crown, Virar Global City project, etc. Keystone Realtors is in the real estate business across all segments.
- Affordable housing.
- Townships, Gated communities & Estates
- Standalone landmarks
- Commercials
Keystone Realtors Ltd – Company Founders and Leadership team
Promoter Boman Rustom Irani is selling INR 75 Crore, Percy Sorabji Chowdhry is selling INR 37.5 Crore, and Chandresh Dinesh Mehta is selling INR 37.5 Crore in OFS.
Keystone Realtors Ltd Turnover
- The company is performing well in terms of EBITDA, net cash flow, and EPS.
- Revenue from the operation declined in FY20 and FY 21 due to the COVID situation and subsequent luck down.
Keystone Realtors IPO – Valuation Parameters
| All amounts in INR Million (Year ended March 31) | 2019 | 2020 | 2021 |
|---|---|---|---|
| Revenue Operation | 21,169.89 | 12,114.71 | 8,487.21 |
| Total Income | 21,426.47 | 12,685.99 | 11,772.66 |
| EBITDA | 1,439.75 | 1,494.50 | 1,934.26 |
| EBITDA Margin | 13.90% | 17.61% | 15.97% |
| Restated total comprehensive income | 1,369.96 | 163.72 | 2,307.28 |
| Earnings Per Share-Diluted | 10.17 | 2.20 | 31.04 |
| Net Cash from Operating Activities | 4,291.03 | 3,549.45 | 6,447.26 |
| Net Debt/Equity | 11.75 | 9.10 | 1.53 |
| RoNW % | 25.18 | 5.14 | 38.77 |
| NAV Per Share | 80.06 |
Keystone Realtors IPO: Do you invest?
- Strong presence in Maharashtra, particularly in the Mumbai Metro region.
- Strong brand name with over 26 years of experience in the industry with a diversified portfolio.
- Rustomjee Group got many awards such as the Iconic Super Luxury Project of the Year award by Times Real Estate Conclave 2021, and the Integrated Township Project of the Year award by ET Now Real Estate Awards 2019.
- Strong parental or promoters with long experience.
- Asset-light and scalable business model with strong execution capabilities.
- Enter into joint development agreements and re-development agreements with landowners or developers or societies, which helps to improve profitability.
- Strong EBITDA margin and Return on Net Worth.
- Net cash flow is positive and has gone up over the years.
- Reducing debt to equity ratio.
- Government push for affordable housing, increasing Urbanization and Urban Housing Shortage are factors that will further boost the company’s performance.
- I would prefer to invest in the company provided the valuation of the equity share price is affordable.
- There are many real estate companies that are listed in the exchanges to compare the valuation.
- Valuation is reasonable. I would invest in the Rustomjee Group IPO for the long term
Keystone Realtors Ltd IPO Details
| Keystone Realtors Ltd IPO Details | Details |
|---|---|
| Keystone Realtors IPO Launch Date | 14 – 16 November 2022 |
| Keystone Realtors IPO Pricing band | INR 514 – 541 per share |
| Keystone Realtors IPO Allotment date | November 21, 2022 |
| Refunds Initiation date | November 22, 2022 |
| Credit of Shares to Demat Account | November 23, 2022 |
| Keystone Realtors IPO Listing Date | November 24, 2022 |
| Keystone Realtors IPO Fresh Issue | INR 560 crore |
| Offer for Sale | INR 75 crore |
| Equity Shares outstanding prior to the Offer | 103,526,222 Equity Shares |
| Minimum bid (lot size) | 27 shares (INR 14,607) maximum of 13 lots |
| Face Value | INR 10 per share |
| Listing on | BSE & NSE |
Suggested Readings
We endeavor to help you to understand different aspects of a company before you invest in the company’s IPO. Here are some suggested readings on company insights Prasol Chemicals Limited, Concord Biotech Limited, Sah Polymers Company, Upcoming IPO Review.
Keystone Realtors IPO Contact Details and lead managers
| Contact Details | Lead Managers |
| KEYSTONE REALTORS LIMITED 702, Natraj, MV Road Junction, Western Express Highway, Andheri (East), Mumbai, Maharashtra, India 400069 Email: cs@rustomjee.com, Ph: +91 (22) 6676 6888 www.rustomjee.com | 1. Axis Capital Limited 2. Credit Suisse Securities (India) Private Limited |
Keystone Realtors IPO Allotment Status
Rustomjee group IPO allotment link will be available on Link Intime’s website. To know your IPO status, get ready with your PAN number and click on this link.
Keystone Realtors IPO GMP
Provides ongoing IPO GMP
| Date | Keystone Realtors IPO grey market premium | IPO Price |