Keystone Realtors, Rustomjee Group’s firm, has filed a draft purple herring prospectus with capital market regulator SEBI to boost Rs 850 crore by means of an preliminary public providing (IPO). The difficulty consists of contemporary difficulty of fairness shares aggregating as much as Rs 700 crore and an offer-for-sale (OFS) price Rs 150 crore by promoters. The OFS includes sale of fairness shares price as much as Rs 75 crore by Boman Rustom Irani and shares to the tune of Rs 37.5 crore every by Percy Sorabji Chowdhry and Chandresh Dinesh Mehta.
Keystone Realtors has proposed to utilise the web proceeds in direction of cost of debt, funding acquisition of future actual property tasks and basic company functions. The e-book operating lead managers to the problem are Axis Capital, and Credit Suisse Securities (India) Pvt Ltd. Link Intime India would be the registrar to the problem. Upon profitable itemizing of the shares on BSE and NSE, Keystone Realtors will be a part of the likes of Macrotech Developers, Godrej Properties, Oberoi Realty, and Sunteck Realty. The common return on internet price for 9 months ended thirty first December stood at 10.94, whereas the common business P/E ratio was at 428.93x.
The firm, in its DRHP, mentioned that structural adjustments of RERA and GST have helped the sector to realize extra maturity and belief from the market. Keystones Realtors instructions a market share of 28% in Khar, 23% market in Juhu, 11% in Bandra East, 14% in Virar, 3% in Thane and 5% in Bhandup when it comes to absorption (in items) from 2017 to 2021, based on Anarock report. The firm has strategic traders reminiscent of Lipalton Pte. Ltd. (a wholly-owned subsidiary of Keppel Land Limited) for Rustomjee Urbania, an built-in township situated in Thane.
As of March 2022, Keystone Realtors had 32 accomplished tasks, 12 ongoing tasks and 19 forthcoming tasks throughout the Mumbai Metropolitan Region (MMR) that features a complete vary of tasks beneath the reasonably priced, mid and mass, aspirational, premium and tremendous premium classes, all beneath their Rustomjee model.
Also, the Mumbai-based actual property developer has developed 20.05 million sq. toes of high-value and reasonably priced residential buildings, premium gated estates, townships, company parks, retail areas, colleges, iconic landmarks and varied different actual property tasks as of March 2022.
Source: www.financialexpress.com”