Keystone Realtors Ltd
Complete IPO details, including price band, financials, subscription status, and key insights.
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IPO Snapshot
Key metrics and details at a glance.
Price Band
₹541
Per ShareLot Size
27 Shares
Minimum Investment
₹14,607
Issue Size
₹635 Cr
Face Value
₹10
Per ShareIPO Type
Book Building
Retail Quota
35%
QIB Quota
50%
NII Quota
15%
IPO Timeline
Important dates for your applying strategy.
Subscription Status
Live demand across investor categories.
Track real-time subscription levels:
*Real-time data subject to exchange updates
Keystone Realtors Ltd
Business model, operations, and market positioning.
Promoter Holding (Pre-Issue)
93.82%
Issue Type
Book Building
ISIN
INE263M01029
About the Company
The Company is one of the prominent real estate developers (in terms of absorption in number of units) in the micro markets that it is present in. As of June 30, 2022, it had 32 Completed Projects, 12 Ongoing Projects and 21 Forthcoming Projects across the Mumbai Metropolitan Region ("MMR"). As of June 30, 2022, it has developed 20.22 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.
Industry Overview
As per the census figures and the Ministry of Housing and Urban Affairs, number of households have increased from 191.96 million in 2001 to 246.69 million in 2011 which shows a 28.51% increase in number of households. Out of these households, home ownership, i.e., owned houses increased from 166.35 million in 2001 to 213.53 million in 2011 which shows an overall increase of 28.36%. Overall share of households (i.e., no of houses including owned, rented or any other) in urban areas increased from 28% in 2001 to 32% in 2011 and in rural areas, reduced from 72% in 2001 to 68% in 2011 in India. Key growth drivers of the Indian real estate sector include improving education levels and increasing per capita income growth, increasing penetration of housing and home ownership, increasing urbanization and urban housing shortage, increasing nuclearization of families, policy reforms and consolidation of real estate sector.
Company History
Keystone Realtors Limited was incorporated as `Keystone Realtors Private Limited', in Mumbai, under the provisions of Companies Act, 1956 pursuant to a certificate of incorporation dated November 6, 1995 issued by the Registrar of Companies, Maharashtra at Mumbai ("RoC").The name of the Company was subsequently changed to `Keystone Realtors Limited', upon conversion into a public company, pursuant to a board resolution dated April 28, 2022 and a shareholders' resolution dated April 28, 2022, and a fresh certificate of change of name was issued on May 6, 2022 by the RoC.
Products & Services
- The Company is one of the prominent real estate developers (in terms of absorption in number of units) in the micro markets that it is present in.
Growth Strategy
- Leverage the `Rustomjee' brand to grow its asset-light operations
- Improve operational efficiency with technological innovation, trusted vendors and stakeholder management
- Leverage its leadership position in the premium category to grow its presence in the mid and aspirational category
- Increased focus on key growth areas in the proximity of upcoming infrastructure projects and relaxation of Coastal Regulation Zone norms
- Focus on sustainability
Customer Base
Wholesalers and Retailers
Financial Performance
Revenue, profit after tax and total assets across the last 3 reported financial years.
Revenue
Amount in ₹ crore
Profit After Tax (PAT)
Amount in ₹ crore
Total Assets
Amount in ₹ crore
Figures in ₹ crore, on a consolidated basis, as reported for FY24 to FY26.
Objects of the Issue
How the company plans to utilize IPO proceeds.
Use of Proceeds
The funds raised through this IPO will be used for:
Initial public offering of up to 11,737,521* equity shares of face value of Rs. 10 each ("Equity Shares") of the company for cash at a price of Rs. 541 per equity share (including a share premium of Rs. 531 per equity share) ("Offer Price") aggregating up to Rs. 635.00 crores (the "Offer") comprising a fresh issue of up to 10,351,201* equity shares aggregating up to Rs. 560.00 crores by the company ("Fresh Issue") and an offer for sale of up to 1,386,320* equity shares aggregating up to Rs. 75.00 crores comprising an offer for sale of up to 693,160* equity shares aggregating up to Rs. 37.50 crores by Boman Rustom Irani, up to 346,580* equity shares aggregating up to Rs. 18.75 crores by Percy Sorabji Chowdhry, and up to 346,580* equity shares aggregating up to Rs. 18.75 crores by Chandresh Dinesh Mehta (the "Selling Shareholders" and such offer, the "Offer for Sale"). The offer will constitute 10.31% of the post-offer paid up equity share capital of the company. The face value of the equity share is Rs. 10 each and the offer price is 54.10 times the face value of the equity shares. Bids can be made for a minimum of 27 equity shares in multiples of 27 equity shares thereafter.
*Subject to approvals and market conditions.
Strengths & Risks
Key competitive advantages and factors to consider before investing.
- Well established customer-centric brand in the Mumbai Metropolitan Region;
- Among the leading residential real estate development companies in MMR with a well-diversified portfolio and strong pipeline;
- Asset-light and scalable model resulting in profitability and stable financial performance;
- Demonstrated project execution capabilities with in-house functional expertise;
- Robust stakeholder management capabilities across the spectrum of project development;
- The company business and profitability is significantly dependent on the performance of the real estate market generally in India and particularly in the Mumbai Metropolitan Region ("MMR"). Varying market conditions in the MMR may affect its ability to ensure sale of its projects and the pricing of units in such projects, which may adversely affect the company results of operations and financial condition.
- An inability to complete its Ongoing Projects and Forthcoming Projects by their respective expected completion dates or at all could have a material adverse effect on its business, results of operations and financial condition.
- The company focus on development of residential projects across various categories within the MMR, and the success of these projects is dependent on its ability to anticipate and address consumer preferences in the various market segments.
- Significant increases in prices, including that relating to increase in taxes and levies, or shortage of or delay or disruption in supply of construction materials could adversely affect its estimated construction cost and timelines and result in cost overruns.
- The COVID-19 pandemic adversely impacted its business operations and financial performance, and the company may be similarly impacted in the future.