The Mumbai-based real estate developer Keystone Realtors made a decent debut on stock exchanges BSE and NSE on Thursday. On BSE, Keystone Realtors listed at Rs 558.7 apiece against the issue price of Rs 514 - Rs 541. The stock started its trading journey at Rs 555 apiece on NSE — a 2.6 percent premium to the issue price.

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Keystone Realtors' IPO, to raise up to Rs 635 crore, started on November 14 and concluded on November 16 with a subscription of two times. The IPO received bids for 1.7 crore shares as against the 86.5 lakh shares on offer. The issue price for Keystone Realtors was set at Rs 514-541 apiece.

The IPO of Mumbai-based real estate developer Keystone Realtors — which operates the Rustomjee brand — included fresh issuance worth Rs 560 crore and an offer for sale (OFS). Of the total, 50 percent of the total issue was reserved for qualified institutional buyers, at least 15 percent for high net worth individuals and the remaining for retail investors. Keystone Realtors revenue returned to pre-COVID levels in the year ended March 2022.

“Our equity would be in the region of about Rs 1,600 plus crore, we want to maintain 1:1 debt to equity ratio to maintain it healthy and this would allow us to continually grow our development in Mumbai and MMR,” Boman Rustom Irani, CMD, Keystone Realtors told CNBC-TV18.

The real estate developers has presence in Juhu, Bandra East, Khar, Bhandup, Virar and Thane. As of March 31, 2022, the firm had completed 32 projects and 12 ongoing projects. The company also has 19 upcoming projects across the Mumbai Metropolitan Region (MMR) – these include a comprehensive range of projects under the affordable, mid and mass, aspirational, premium and super premium categories under its Rustomjee brand.

Mumbai & MMR will continue to be the company's main stay, Irani said. “With the kind of money that we have raised, we are looking at putting a lot into growth and that is our plan for the future, stay in Mumbai, Mumbai Metropolitan Region (MMR) for redevelopments, stay in Mumbai, MMR for joint ventures with partners. Rustomjee has been a partnership driven company and we hope to continue growing more partnerships with our landowners, our fellow developers, etc.”

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First Published:Nov 24, 2022 8:00 AM IST