Keystone Realtors IPO allotment announced; shares listing this week

Market


The finalisation of the basis of share allotment of Keystone Realtors have been done and now all eyes are on the listing of the company’s shares that is expected to happen this week. Keystone Realtors, which sells properties under the brand ‘Rustomjee’, saw its initial public offering (IPO) receive 2 times subscription on the last day of offer that was open from Monday, November 14, 2022 to Wednesday, November 16, 2022. 

The shares of the company are expected to make their market debut on the leading stock exchanges BSE and NSE this week on Thursday, November 24, 2022.

Keystone Realtors IPO had a fresh issue of up to 560 crore and an offer for sale (OFS) of up to 75 crore. The price range for the initial share sale was fixed at 514-541 a share. Keystone Realtors 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. The public issue issue got bids for 1,73,72,367 shares against 86,47,858 shares on offer.

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 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.

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.

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