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Keystone Realtors Limited IPO – Price, Lot size, Open date, GMP & Review

Written by - Marisha Bhatt

November 14, 2022 6 minutes


The name Rustomjee is a very well-known name in the real estate industry in MMR (Mumbai Metropolitan Region) with multiple properties under the brand name ‘Rustomjee’ across Mumbai. This brand belongs to ‘Keystone Realtors Limited.

Keystone Realtors Ltd IPO was open from 14th to 16th November 2022. The IPO was subscribed 2.01 times. The allotment is expected today, Nov 21.

Here are all the important details of Keystone Realtors Limited IPO, including investment price band, allotment date, GMP, benefits and risks of investing in this IPO, and more.

Read More: Stocks vs Real Estate: How do they compare?

IPO Details 

The various details of the Keystone Realtors Limited IPO are as under. 

  1. IPO Size 

The size of the IPO and different categories of the issue are,

IPO Opening Date14th November 2022 
IPO Closing Date16th November 2022
ListingNSE, BSE
Issue TypeBook Built Issue IPO
Face Value of sharesRs.10 per share
IPO Price BandRs.514 – Rs.541 per share
IPO SizeRs.635 crores (1,17,37,523 shares) 
Offer For SaleRs.75 crores (13,86,322 shares)
Fresh IssueRs.560 crores (5,69,23,077 shares)
  1. IPO Dates 

The important dates for the Keystone Realtors Limited IPO are highlighted below.

Opening date14th November 2022
Closing Date17th November 2022
Allotment date21st November 2022
Refund Date22nd November 2022
Share Credit Date23rd November 2022
Listing Date24th November 2022
  1. IPO Lot Sizes 

The subscription for shares of Keystone Realtors Limited IPO can be done in lots by different investor categories. The details of the lot sizes for this IPO are mentioned below. 

Investment in lots (for retail investors)Minimum – 1 lot, Maximum – 13 lots
SharesMinimum – 27, Maximum – 351
Investment amountMinimum – Rs. 14,607, Maximum – Rs. 1,89,891
  1. IPO Reservation

The categories of eligible investors and their share in the IPO are 

Category of InvestorReservation Percentage
QIB (Qualified Institutional Buyers)50%
NII (Non-Institutional Bidders)15%
RII (Retail Individual Investors)35%

Keystone Realtors Limited IPO Objectives

This IPO is majorly in the form of Fresh Issue and partly as an Offer for Sale. The key objectives of the IPO are stated below.

  1. The proceeds from the IPO will be used by the company for repayment or prepayment of borrowings already availed by them or their subsidiaries. 
  2. Using the funds for acquisitions of future real estate.
  3. Using the funds for general corporate purposes. 

About Keystone Realtors Limited IPO

The company has some major real estate projects under its brand name ‘Rustomjee’ in India, primarily located in MMR (Mumbai Metropolitan Region). To date, Keystone Realtors have completed 280 buildings and delivered more than 20 million sq. ft of real estate space. They have 12 ongoing projects and another 21 upcoming projects in MMR. These spaces range from affordable and mass projects to premium properties like townships, corporate parks schools, landmark real estate projects, etc. 

The company has a sound business model of entering into joint development agreements or redevelopment agreements. These agreements are with the societies, landowners, or developers. The company has also made a name in slum rehabilitation projects where they have the benefit of lower upfront capital investment as compared to the direct acquisition of a land parcel. Their business model also provides integrated business development right from the stage of scouting the land for development, conceptualizing the property, its execution, construction as well as marketing and end sales. 

Financials of Keystone Realtors Ltd

The core financials of the company are tabled below.

Year Total Assets (Rs. In crores)Operating Revenue (Rs. In crores)Profit after tax (Rs. In crores)Basic EPS(Rs.)Diluted EPS(Rs.)RONW
(Source : RHP)

Strengths of the company

Some of the key strengths of Keystone Realtors Ltd are: 

Business model and financials Follows an asset-light scalable business model.
Has stable financials and strong brand name with the ability to command over 50% price premium 
Future prospectsMany ongoing as well as upcoming projects in MMR, MMR micro-markets and ability to garner premium pricing in such markets.
Management Experienced promoters and skilled senior management.
Good corporate governance practices.
Capable management with the ability to handle project development on end-to-end basis.

Risks of investment

Here are some of the risks that investors of Keystone Realtors Ltd IPO should know:

Business viability and profitabilityRisk of a shortage of available land for development in MMR or an increase in the cost of such land.
Being a capital-intensive business, its profitability can be severely hit due to increased expenses 
Unsecured loans availed by the business have to be repaid when recalled
CompetitionExtreme competition in the real estate industry from national and regional players
Industry outlookThe real estate industry has seen many downturns in the recent past and the viability if the business is dependent on the performance of the industry as a whole.

What is the Grey Market Premium (GMP) on Keystone Realtors Limited IPO?

As of November 18, 2022, the grey market premium for the shares of Keystone Realtors Limited was Rs. -2 as per market observers.

Should you apply for Keystone Realtors Limited IPO?

The company is a strong name in MMR with a proven track record. The financials saw a decrease in revenues and net profits in FY 2021 but have received to a good extent in FY 2022. The IPO seems to be overpriced as compared to its current financials. However, given the positive outlook of the company due to the backing of many ongoing and upcoming projects, the IPO can be a good addition from the mid-term to long-term investment perspective. 

How to apply for Keystone Realtors Limited IPO?

Investors can invest in this IPO through the Fisdom app.


1. Who are the key promoters of Keystone Realtors Limited who are part of the Offer For Sale?

The promoters of Keystone Realtors Limited who are part of the Offer For Sale are Mr. Boman Rustom Irani, Mr. Percy Sorabji Chowdhry, and Mr. Chandresh Dinesh Mehta.

2. What is the size of the Keystone Realtors Limited IPO?

The size of the Keystone Realtors Limited IPO is Rs. 635 crores.

3. What are the eligible investor categories of Keystone Realtors Limited IPO?

The eligible Keystone Realtors Limited IPO are Qualified Institutional Buyers (QIB) up to 50% of the IPOI, Non-Institutional Investors (NII) up to 10%, and Retail Investors having the balance 35% of the IPO.

4. What is the price band for Keystone Realtors Limited IPO?

The price band for Keystone Realtors Limited IPO is Rs. 514 to Rs. 541.

5. What is the listing date for Keystone Realtors Limited IPO?

The listing date for Keystone Realtors Limited IPO is 24th November 2022 when it will be listed on both NSE and BSE.

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