The Rs 635 crore IPO of Keystone Realtors has opened today (Monday). The company’s IPO will be open for subscription till 16 November. If you are planning to invest in the Share Market, then you can bet on this IPO. This IPO includes fresh issue of Rs 560 crore and offer sale (OFS) of Rs 75 crore.
IPO price band
The price band of Keystone Realtors IPO is Rs 514-541. Company’s promoter Boman Rustom Irani will sell shares worth Rs 37.5 crore in the offer for sale. Apart from this, Percy Sorabji Chowdhary and Chandresh Dinesh Mehta will sell shares worth Rs 18.75-18.75 crore. Keystone Realtors deals in property under the brand name ‘Rustomjee’.
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corporate dominance
The company has 12 ongoing projects in the Mumbai Metropolitan Region (MMR) and 21 projects to be launched in the coming days. The company has completed 32 projects till June 30. The company dominates the Mumbai Metropolitan Region with a market share of 28 percent in Khar, 23 percent in Juhu, 11 percent in Bandra East, 14 percent in Virar, 3 percent.
Raised money from anchor investors
Keystone Realtors’ anchor book was open on 11 November. The company raised Rs 170 crore from anchor investors. In the details given to the exchanges, the company had said that anchor investors have issued 35.21 lakh equity shares at the rate of Rs 499.4 per share.
The company will use the money raised from the IPO to repay debt, complete acquisition of projects and meet general corporate needs. One lot of the company’s IPO is of 27 shares. A retail investor can apply for 13 lots or 351 shares.
When can the listing happen?
The equity shares of the company can be listed on the stock exchanges BSE and NSE on Thursday, 24 November 2022. Axis Capital Limited and Credit Suisse Securites (India) are the book running lead managers to this IPO. 50% of Keystone Realtors IPO is reserved for QIB. At the same time, 15 percent is reserved for HNIs. The remaining 35 percent is reserved for retail investors.