Rustomjee group firm Keystone Realtors files ₹850-cr IPO papers

THE IPO CONSISTS OF FRESH ISSUE OF EQUITY SHARES AGGREGATING UP TO ₹700 CR AND AN OFS WORTH ₹150 CRORE BY PROMOTERS

Rustomjee group company Keystone Realtors has filed preliminary papers with Sebi to raise ₹850 crore through an initial public offering (IPO).

The share sale consists of fresh issue of equity shares aggregating up to ₹700 crore and an offer-for-sale (OFS) worth ₹150 crore by promoters, according to the draft red herring prospectus (DRHP).

The OFS comprises sale of equity shares worth up to ₹75 crore by Boman Rustom Irani and stocks to the tune of ₹37.5 crore each by Percy Sorabji Chowdhry and Chandresh Dinesh Mehta.

The company proposes to utilize the net proceeds towards payment of debt, funding 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 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 their Rustomjee brand.

Also, the Mumbai-based real estate developer 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.

On Monday, the S&P BSE Sensex crashed 1456.74 points or 2.68% to close at 52,846.70 points.