• Keystone Realtors, which sells properties under the Rustomjee brand, receives 2x subscription to its IPO
Shares of Keystone Realtors Pvt Ltd made their market debut on Wednesday on the NSE with the stock listing at ₹555 per share, a premium of over 2% as compared to its IPO issue price of ₹541 per share. On BSE, shares of Keystone Realtors started trading at ₹555 per share.
Keystone Realtors, which sells properties under the 'Rustomji' brand, has received 2x subscription to its Initial Public Offer (IPO) on the last day of the offer which was open from Monday, November 14, 2022 to Wednesday . The public issue received bids for 1,73,72,367 shares against 86,47,858 shares on offer.
Keystone Realtors IPO had a fresh issue of up to ₹560 crore and an offer for sale (OFS) of up to ₹75 crore. The price range for the initial share sale was fixed at ₹514-541 per share. Keystone Realtors raised a little over ₹190 crore from anchor investors. The company decided to allot 35.21 lakh equity shares to 16 anchor investors at ₹541 per share.
Abu Dhabi Investment Authority, Morgan Stanley and Cent Capital account for approximately 35% of the anchor investor stake. Domestic mutual funds Aditya Birla Mutual Fund, IDFC Mutual Fund, Tata Mutual Fund and Quant Mutual Fund also participated in the anchor investor portion. SBI Life Insurance and HDFC Life Insurance Company were also part of the anchor investors.
The company intends to use the net proceeds to finance the repayment/prepayment of borrowings of ₹341.6 crore as well as to finance acquisitions of future real estate projects and general corporate purposes.
Established in 1995, Keystone Realtors has 32 completed projects, and 12 ongoing projects and 19 upcoming projects in the Mumbai Metropolitan Region (MMR), comprising projects under affordable, medium and large-scale, aspirational, premium and super premium categories. A wide range is included. , all under the Rustomjee brand.
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