Keystone Realtors IPO subscribed 2 times on last day of offer; Listing on November 24

Keystone IPO Update: The Initial Public Offering (IPO) of Keystone Realtors has been subscribed two times on the final day of the offer today. Keystone Realtors sells properties under the brand 'Rustomjee' and is among the prominent real estate players in Mumbai. According to an update on the NSE, Keystone Realtors's IPO got bids for 1,73,72,367 shares against 86,47,858 shares on offer.

Against the 24,70,816 shares reserved for Qualified Institutional Buyers (QIBs), the category received 3.84 times the subscription. The non-institutional investors' portion was subscribed 3.03 times and received 56,15,217 bids against the reserved shares of 18,53,113. The quota for Retail Individual Investors (RIIs) got 53 per cent subscription as it received 22,79,259 bids against the reserved 43,23,929 shares.

The IPO had a fresh issue of up to Rs 560 crore and an offer for sale of up to Rs 75 crore. The price range for the IPO was at Rs 514-541 a share. On Friday, Keystone Realtors said it has collected a little over Rs 190 crore from anchor investors.

Keystone Realtors’ Initial Public Offering will be listed on BSE Sensex and NSE Nifty on November 24.

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The company intends to utilise the net proceeds towards funding the repayment/prepayment of borrowings to the tune of Rs 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.

(With agency inputs)