Rustomjee Group's Keystone Realtors Files Draft Papers For Rs 850-Crore IPO

The Keystone Realtors IPO consists fresh issue of stock worth Rs 700 crore and an offer for sale of Rs 150 crore by Rustomjee promoters.

<div class="paragraphs"><p>Image for representation purpose only. (Photo: Vikram/Unsplash)</p></div>
Image for representation purpose only. (Photo: Vikram/Unsplash)

Rustomjee Group's Keystone Realtors Pvt. Ltd. has filed with the markets regulator preliminary documents to raise Rs 850 crore via an initial public offering.

The IPO consists of fresh issue of stock worth up to Rs 700 crore and an offer for sale worth Rs 150 crore by promoters, according to the draft red herring prospectus filed with the Securities and Exchange Board of India. The OFS comprises sale of equity shares worth up to Rs 75 crore by Boman Rustom Irani, Rs 37.5 crore by Percy Sorabji Chowdhry and Rs 37.5 crore by Dinesh Mehta.

The proceeds from Keystone Realtors IPO will be used for payment of debt, acquisition of future real estate projects and general corporate purposes.

Axis Capital, and Credit Suisse Securities (India) Pvt. Ltd are the book running lead managers to the issue.

As of March 2022, Keystone Realtors had 32 completed projects, 12 under-construction projects and 19 forthcoming projects across the Mumbai Metropolitan Region under the Rustomjee brand.

The Mumbai-based real estate firm has developed 20.05 million square feet of high-value and affordable residential buildings, premium gated estates, townships, corporate parks, retail spaces, schools, landmarks and various other real estate projects as of March 2022.