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Mumbai-based Keystone Realtors, which sells properties under the brand 'Rustomjee', will hit the capital market on November 14 to raise Rs 635 crore through its Initial Public Offer (IPO).

According to the Red Herring Prospectus (RHP), the company plans to raise Rs 635 crore. The size of the IPO has been reduced as earlier the company had planned to raise Rs 850 crore.

The IPO consists of a fresh issue of equity shares aggregating up to Rs 560 crore and an Offer For Sale (OFS) worth Rs 75 crore by promoters.

The bidding for anchor investors will open on November 11. The public issue will close on November 16.

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As a part of the OFS, promoter Boman Rustom Irani will now sell shares worth up to Rs 37.5 crore and stocks to the tune of Rs 18.75 crore each will be offloaded by Percy Sorabji Chowdhry and Chandresh Dinesh Mehta.

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.

Founded in 1995, Keystone Realtors had 32 completed projects, 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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The realty firm has developed 20.05 million square feet of high-value and affordable residential buildings, premium gated estates, townships, corporate parks, retail spaces, schools, iconic landmarks and various other real estate projects as of March 2022.

The equity shares of the company will be listed on both the bourses -- BSE and NSE.