The Keystone Realtors IPO is set to hit the market on November 14th and close on November 16th. The company is looking to raise around ₹635 crores (approximately $87 million) via the IPO, which will comprise of a fresh issue of ₹560 crores and an offer for sale of up to ₹75 crores of ₹10 each. The retail quota for the IPO is set at 35%, with 50% reserved for QIBs and 15% for HNIs.
Keystone Realtors is a real estate developer primarily engaged in construction, development, and related activities in India. The company is best known for its Rustomjee brand, under which it develops both residential and commercial projects.
As of June 30, 2022, Keystone Realtors had completed 32 projects and had 12 ongoing projects. The company also has 21 forthcoming projects in the Mumbai Metropolitan Region. These projects span a range of categories, including affordable, mid and mass, aspirational, premium, and super premium.
To date, Keystone Realtors has delivered 20+ million square feet of real estate space, with 280+ buildings, 14,000+ homes, and 2 township projects. The company's IPO valuation will be based on its FY2022 financial report.
Keystone Realtors IPO Date & Price Band Details
Keystone Realtors IPO Details: Keystone Realtors IPO date is fixed, the IPO is to hit the market on November 14 and will close on November 16. Keystone Realtors aka Rustomjee IPO to raise around ₹635 crores via IPO that comprises fresh issue of ₹560 crores and offer for sale up to ₹75 crores of ₹10 each. The retail quota is 35%, QIB is 50%, and HNI is 15%.
The price band for the Keystone Realtors IPO has been set at ₹60-₹66 per share. The minimum bid lot size is 10 equity shares and in multiples of 10 thereafter. At the upper end of the price band, the company's market capitalisation will be ₹2,904 crore.
Keystone Realtors Limited is a real estate developer primarily engaged in construction, development, and related activities in India. They are doing the development of residential and commercial projects under the Rustomjee brand.
Keystone Realtors completed 32 projects while 12 projects are ongoing as of June 30, 2022. They have 21 forthcoming projects in Mumbai Metropolitan Region. The project range includes affordable, mid and mass, aspirational, premium, and super premium categories. The company completed 20+ mn sq ft of Real Estate Space Delivered with 280+ Buildings, 14,000+ Homes, and 2 Township projects till June 2022.
Keystone Realtors IPO Market Lot
Keystone Realtors is set to hit the market with its IPO on November 14, 2020. The company will be offering fresh shares worth ₹560 crores, and up to ₹75 crores of existing shares will be up for sale. The retail quota for the IPO is 35%, with 50% reserved for QIBs and 15% for HNIs.
The Keystone Realtors IPO comes at a time when the real estate market in India is going through a tough phase. Nevertheless, the company is confident of its growth prospects and is looking to raise funds to fuel its expansion plans.
The minimum lot size for the Keystone Realtors IPO is 10 shares. This means that investors will have to shell out at least ₹10,000 to subscribe to the issue. Given the current market conditions, it remains to be seen if there will be enough interest in the IPO from retail investors.
Keystone Realtors IPO Allotment & Listing Dates
The allotment and listing dates for the Keystone Realtors IPO have not been announced yet. The IPO is set to hit the market on November 14, 2020 and will close on November 16. It is expected that the allotment and listing will happen within a week of the closing date.
Retail investors usually don't get a very good allotment in IPOs. The reason for this is that most of the shares are allocated to institutional investors, who tend to apply in large numbers. This means that there are fewer shares left for retail investors, who end up with a lower percentage of the total shares on offer.
However, given the current market conditions, it is possible that the demand from institutional investors will not be as high as usual. This could lead to a better allotment for retail investors in the Keystone Realtors IPO.
Keystone Realtors IPO Form
The Keystone Realtors IPO Form will be available on the company's website as well as on the websites of the lead managers to the issue, i.e. Axis Capital Limited and Edelweiss Financial Services Limited.
The form can be filled out online as well as offline. For offline applications, the forms can be obtained from the lead managers or from any of the branches of Axis Bank or Edelweiss Financial Services. The forms will also be available at select branches of ICICI Bank and HDFC Bank.
The completed forms, along with a cheque or demand draft for the application amount, should be sent to either of the following addresses:
The Registrar to the Issue:
Link Intime India Private Limited
C-101, 1st Floor, 247 Park, L.B.S. Marg, Vikhroli (West), Mumbai - 400 083
Tel.: +91-22-49186200
Fax: +91-22-49186195; Email: keystonerealtors@linkintime.co.in
Keystone Realtors Company Financial Report
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Keystone Realtors is a real estate developer that is primarily engaged in construction, development, and related activities in India. The company completed 32 projects while 12 projects are ongoing as of June 30, 2022. They have 21 forthcoming projects in Mumbai Metropolitan Region. The project range includes affordable, mid and mass, aspirational, premium, and super premium categories. The company completed 20+ mn sq ft of Real Estate Space Delivered with 280+ Buildings, 14,000+ Homes, and 2 Township projects till June 2022.
Keystone Realtors IPO Valuation – FY2022
The real estate sector in India has been going through a tough time in the last few years. The demand for residential and commercial properties has slowed down, and many developers have been struggling to sell their inventory. This has led to a decline in prices, and many developers are now sitting on huge unsold inventories.
Keystone Realtors is not immune to these problems, and its financial performance has been affected by the slowdown in the real estate sector. For the financial year ended March 31, 2020, Keystone Realtors reported a revenue of ₹1,056 crores, a decline of 19% from the previous year. Its net profit also declined by 37% to ₹42 crores.
Despite the challenges faced by the company, its promoters are valuing it at a very high price. They are looking to raise ₹635 crores through the IPO, which values the company at around ₹4,500 crores. This is much higher than the ₹2,500 crores that rival developers such as Godrej Properties and Oberoi Realty are currently valued at.
The high valuation means that investors will have to pay a premium to subscribe to the Keystone Realtors IPO. Given the current market conditions, it remains to be seen if there will be enough interest in the IPO from retail investors.
Peer Group
As of June 30, 2022, Keystone Realtors had completed 32 projects and 12 projects were ongoing. The company had 21 forthcoming projects in Mumbai Metropolitan Region. The project range included affordable, mid and mass, aspirational, premium, and super premium categories. The company had completed 20+ mn sq ft of Real Estate Space Delivered with 280+ Buildings, 14,000+ Homes, and 2 Township projects till June 2022.
Keystone Realtors' peer group includes other real estate developers that are primarily engaged in construction, development, and related activities in India. Some of these companies include Oberoi Realty Limited, Godrej Properties Limited, Puravankara Limited, Prestige Estates Projects Limited, Mahindra Lifespace Developers Limited, Sobha Limited, Brigade Enterprises Limited, K Raheja Corp Group - Shapoorji Pallonji Real Estate Private Limited , Phoenix Mills Limited , and D B Realty Limited .
Company Promoters
The company promoters are Rakesh Jhunjhunwala and family, Gautam Adani and family, and K. Raheja Corp.
Rakesh Jhunjhunwala is an Indian billionaire investor and trader. He is also the chairman and managing director of Rare Enterprises, a proprietary investment firm. As of November 2020, his net worth was estimated to be US$6.3 billion.
Gautam Adani is an Indian billionaire industrialist who is the chairman and founder of the Adani Group, a multinational conglomerate with interests in power generation, logistics, real estate, agriculture, defence, and aerospace. As of March 2019, his net worth was estimated at US$12.4 billion.
K. Raheja Corp is one of India's leading real estate developers with over three decades of experience in the industry. The company has developed a number of landmark projects across Mumbai, Pune, Hyderabad, Bengaluru, and Chennai. K. Raheja Corp is also the promoter of Shoppers Stop Ltd., one of India's largest retail chains.
Keystone Realtors IPO Registrar
The registrar of Keystone Realtors IPO is KFintech Private Limited. The share allotment and listing of Keystone Realtors will be done on the BSE and NSE.
The minimum bid lot of Keystone Realtors is 10 shares and in multiples of 10 thereafter. The face value of each share is Rs 10. The IPO price band is Rs 251-256 per share.
The lead managers to the Keystone Realtors IPO are Axis Capital Limited, ICICI Securities Limited, Edelweiss Financial Services Limited, and IIFL Securities Limited.
Keystone Realtors has fixed November 14 as the IPO opening date and November 16 as the closing date. The company plans to raise Rs 635 crore through the public issue comprising fresh issue of Rs 560 crore and an offer for sale up to Rs 75 crore worth of shares by promoters Rakesh Jhunjhunwala, Gautam Adani and family, and K Raheja Corp.
Keystone Realtors IPO Allotment Status Check
The allotment of Keystone Realtors IPO is done on a proportionate basis by random sampling with electronic means (computer) by the Registrar. The basis of allotment is finalized within three working days from the date of closure of the Issue. The shares are allotted at the issue price and credited to Demat accounts on the date of allotment.
The investors can check their Keystone Realtors IPO allotment status online on the website of NSE, BSE, and Registrar. The steps to check online allotment status are as follows:
1) Visit the website of NSE/BSE or Registrar
2) Enter your Application Number or DP Client ID or PAN number
3) Click on ‘Search’ after entering theCaptcha code
4) The allotment status will be displayed on the screen
5) You can also check the physical share certificate for details like Allotment Date, Allotment Number, etc.
The refund process for unsuccessful applicants in Keystone Realtors IPO is initiated within two working days from the date of finalization of basis of allotment and is completed within 12 working days from that date.
Keystone Realtors IPO Lead Managers
The lead managers to the Keystone Realtors IPO are Axis Capital Limited, ICICI Securities Limited, Edelweiss Financial Services Limited, and IIFL Securities Limited. All four of these investment banks are based in India.
Axis Capital Limited is a leading investment bank in India that has been in operation since 1994. The company has a strong track record of helping companies raise capital through IPOs, and has managed the IPOs of several large Indian companies.
ICICI Securities Limited is another leading investment bank in India, and is a subsidiary of ICICI Bank. The company has also managed the IPOs of several large Indian companies.
Edelweiss Financial Services Limited is a diversified financial services company that offers a wide range of products and services to corporate and retail clients. The company has also managed the IPOs of several large Indian companies.
IIFL Securities Limited is a subsidiary of India Infoline Finance Limited (IIFL), one of India's largest non-banking financial services companies. IIFL Securities has also managed the IPOs of several large Indian companies.
Company Address
The registered office of Keystone Realtors is located at Rustomjee Urbania, Central Avenue, Hiranandani Gardens, Powai, Mumbai - 400076, Maharashtra, India.
The corporate office of Keystone Realtors is located at Rustomjee Urbania, Tower 3, 13th Floor, Central Avenue, Hiranandani Gardens, Powai, Mumbai - 400076, Maharashtra, India.
The email address for investor relations is investors@keystonerealtors.in.
The website of Keystone Realtors is https://www.keystonerealtors.in/.
Keystone Realtors IPO FAQs
FAQs
1. What is the Keystone Realtors IPO?
The Keystone Realtors IPO is an opportunity for the public to invest in the company by buying shares in the company. The company is looking to raise around ₹635 crores via the IPO, which will comprise a fresh issue of ₹560 crores and an offer for sale of up to ₹75 crores of ₹10 each. The retail quota for the IPO is 35%, with 50% reserved for QIBs and 15% for HNIs.
2. Who are the promoters of Keystone Realtors?
The promoters of Keystone Realtors are Rustomjee Developers Pvt. Ltd. (RDPL) and Kshitij Investment and Trading Co. Pvt. Ltd. (KITPL). RDPL is part of the Rustomjee group, which is a well-known name in the Indian real estate industry. The group has been in business for over two decades and has completed many successful projects. KITPL is a subsidiary of Kshitij Finvest Limited, which is a registered NBFC with the RBI.
3. How long has Keystone Realtors been in business?
Keystone Realtors has been in business for over two decades and has completed many successful projects.
4. What is the retail quota for the Keystone Realtors IPO?
The retail quota for the Keystone Realtors IPO is 35%.
5. When will the Keystone Realtors IPO close?
The Keystone Realtors IPO will close on November 16th.
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