Keystone Realtors IPO Review by Anil Singhvi: Subscribe or avoid? Check recommendation here

Keystone Realtors IPO, Keystone Realtors IPO Details, Keystone Realtors IPO Date, Keystone Realtors Listing Date, Keystone Realtors Allotment Date: Initial Public Offering (IPO) of Keystone Realtors, which sells properties under the brand 'Rustomjee', is set to open for subscription today i.e. November 14. The window for subscription will remain open for three days and will end on Wednesday i.e. November 16. According to information available on the official website of the Bombay Stock Exchange (BSE), the company has decided to allot 35.21 lakh equity shares to 16 anchor investors at Rs 541 apiece, taking the transaction size to Rs 190.5 crore.

According to Zee Business Managing Editor Anil Singhvi, this is a very interesting IPO as there are several positive as well as negative sides to this company. 

"The most important thing is that 'Rustomjee' is a very respected name in Mumbai and has been famous for good quality and timely completion of projects. Also, the cash flow of the company is very strong. This is because they do joint development and having a positive cash flow in the sector is a serious deal," Singhvi said. 

On the flip side, there are some negative aspects as well. For example, the company is only focusing on Mumbai and there is no diversification. 

"They have been building premium residences so far and therefore managed to have a good margin. However, out of 27 new projects announced, only six of them will be in this category so one would have to watch whether they will succeed in maintaining this margin or not. Also, valuation is not very attractive and I think it should have been a bit cheaper," he added.

ALSO READ: Keystone Realtors raises over Rs 190 cr from anchor investors ahead of IPO

Considering all this, Singhvi advised that one should buy Keystone Realtors after listing or those investors who are ready to risk should buy it for the long term. 

#IPOAlert

आज खुलेगा कीस्टोन रियल्टर्स का IPO,प्राइस बैंड : ₹514-541/शेयर#KeystoneRealtors के IPO में क्या है खास?

शॉर्ट टर्म और लॉन्ग टर्म के लिहाज से क्या करें?

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जानिए #KeystoneRealtorsIPO पर @AnilSinghvi_ की राय#Rustomjee #IPO pic.twitter.com/GxgBs3qQje

— Zee Business (@ZeeBusiness) November 14, 2022

Keystone Realtors IPO Price Band

Keystone Realtors has fixed a price band of Rs 514-541 per share.

Keystone Realtors IPO Allotment Date

Keystone Realtors IPO allotment date has been fixed as November 21.

Keystone Realtors IPO Listing Date NSE, BSE

Keystone Realtors will be listed on both exchanges –BSE and NSE. The date for this purpose has been as November 24.

The company intends to utilise the net proceeds towards funding the repayment/prepayment of borrowings to the tune of Rs 341.6 crore as well as towards funding the acquisition of future real estate projects and general corporate purposes.

Half of the issue size has been reserved for qualified institutional investors, 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors. Investors can bid for a minimum of 27 equity shares and in multiples thereof.

Founded in 1995, Keystone Realtors has 32 completed projects, and has 12 ongoing projects and 19 forthcoming projects across the Mumbai Metropolitan Region (MMR) that includes a comprehensive range of projects under the affordable, mid and mass, aspirational, premium and super premium categories, all under their Rustomjee brand.

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