Rustomjee Group Company Keystone Realtors Files IPO Draft Paper With SEBI; Key Points

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Rustomjee Group IPO: Keystone Realtors Limited, a real estate developer under the brand name of Rustomjee, has filed its initial public offering (IPO) papers. The company has filed its Draft Red Herring Prospectus (DRHP) with market regulator Securities and Exchange Board of India (SEBI) for its initial share sale. The company has eveloped 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. Keystone Realtors IPO looks to raise Rs 850 crore through the initial stake sale.

Here are the Key Points on Rustomjee IPO

– The IPO comprises a fresh issue of Rs 700 crore and an offer for sale (OFS) of up to Rs 150 crore by its existing shareholders and promoters. The company has not yet fixed the price band of the shares. Axis Capital and Credit Suisse are the book running lead managers to the issue.

– Keystone Realtors plans to use Rs 4,270 of the net proceeds garnered through the IPO for repayment/ prepayment, in full or part, of certain borrowings availed by the company and its subsidiaries. It will use the remaining amount for funding acquisition of future real estate projects and general corporate purpose.

– Promoter Boman Rustomjee Irani is selling 48.56 million shares, Percy Sorabji Chowdhry and Chandresh Dinesh Mehta are offloading 24.28 million shares each. On the other hand, promoter groups  Dreamz Dwellers LLP, Viking Trust, Chandresh Mehta Family Trust, and Percy Chowdhry Family Trust are offloading around 30 million shares in total.

–  Keystone Realtors is one of the prominent real estate developers(in terms of absorption in number of units)in the micro markets that they are present in, the company said in its DHRP quoting an Anarock Report). As of March 31, 2022, the company had 32 completed projects, 12 ongoing projects and 19 forthcoming projects across the Mumbai Metropolitan Region (“MMR”). It has presence in Juhu, Bandra East, Khar, Bhandup, Virar and Thane. As of March 31, 2022, it 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.

– The Keystone Reality IPO date has not been conformed yet. It will be confirmed once the company files an RHP with the SEBI. The portions to the investors have also not been allocated yet, as per the DHRP filed with the market regulator. The face value of each Equity Share is Rs 10 per equity share, the company said. However, no price band has been fixed yet. “The Price Band and the minimum Bid Lot size will be decided by our Company, and the Selling Shareholders in consultation with the BRLMs, and will be advertised, at least two Working Days prior to the Bid/ Offer Opening Date,” the company said in its filing.

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