Keystone Realtors IPO to open on 14 Nov: Top things to know

Market


Keystone Realtors which sells properties under the brand ‘Rustomjee’ plans initial public offering (IPO) which will open on November 14. The offer concludes on November 16.

The company is looking to raise 635 crore comprises fresh issue of 560 crore as well as offer for sale (OFS) of 75 crore. The offer has a price band of 514-541 apiece.

Keystone Realtors’s anchor book, which opened on November 11, has garnered a total of 170 crore. The realty developer said it has decided the allocation of 35.21 lakh equity shares to anchor investors at Rs. 499.4 per share.

The company has decided to allocate 50 per cent to qualified institutional bidders (QIBs), while 15 per cent shares will be allocated to non-institutional buyers (NIIs). The remaining 35 per cent shares will be allocated to retail bidders. Retail investors can make a bid for a minimum of 27 equity shares and then its multiples thereof.

The shares of the realty major will make its debut on the bourses on November 24.

The net proceeds from the issue will be utilized towards repayment or prepayment of certain borrowings availed by the company and/or its subsidiaries.

The company in the June 2022 quarter, reported a profit of 4.22 crore with a revenue at 168.5 crore.

“With a strong brand and upcoming construction opportunities, we believe it is well placed, and as a result, we recommend that Keystone Realtors Ltd IPO be rated ‘SUBSCRIBE’,” said KR Choksey.

“Attractive valuation, but sequential fall in pre-sales business is a concern Subscribe with Caution to Keystone Realtors Ltd,” said Choice.

 

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.

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