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Keystone Realtors IPO: Keystone Realtors, which sells properties under the ‘Rustomji’ brand, has issued its initial public offer this week. The IPO of Keystone Realtors opened this week on 14 November 2022 and was open for subscription till 16 November 2022. Bids have been made for 1,73,72,367 shares in this IPO. The company’s target was to raise Rs 635 crore through this IPO. The price band of Keystone Realtors was fixed at Rs 514-541.
Learn details of IPO
In this IPO, the promoters of the company have issued shares worth Rs 75 crore under Offer for Sale (OFS). At the same time, fresh equity shares worth Rs 560 crore have been issued. Under the offer for sale, the company’s promoters Percy Sorabji Chowdhary and Chandresh Dinesh Mehta have sold their shares worth Rs 18.75-18.75 crore. At the same time, promoter Boman Rustam Irani has sold shares worth Rs 37.5 crore. Bids for 1,73,72,367 shares have been received on 86,47,858 shares of the total issue. This IPO has received 3.03 times subscription from non-institutional buyers. At the same time, 3.84 times subscription has been received from institutional buyers. Up to 53 percent subscription has been received from retail investors. This means that retail investors have shown little interest in buying this IPO.
Know on which day the IPO will be listed
Let us tell you that November 16 was the last date for IPO subscription. Now after this the IPO of the company is likely to be listed in the stock market on 24 November 2022. The process of its listing in the stock exchange will start from 21 November 2022 itself. The listing work will also be completed within 3 days.
Where will the money raised from the IPO be used?
Rs 635 crore raised through this IPO will be used by the company to repay its old debt. Along with this, these money will be used in real estate projects in the coming times. Let us tell you that Keystone Realtors is one of the leading Real Estate Developers. It has its presence in Mumbai’s Juhu, Bandra East, Khar, Bhandup, Virar and Thane. The company is offering a wide range of homes under affordable, medium and large scale, premium and super premium. All these ranges are under its Rustomjee brand.
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