Keystone Realtors was incorporated on November 6, 1995. The company is a prominent real estate developer (in terms of absorption in a number of units) in the micro markets and commands a market share of 28% in Khar, 23% in Juhu, 11% in Bandra East, 14% in Virar, 3% in Thane and 5% in Bhandup in terms of absorption (in units) from 2017 to 2021.
| Bidding Dates |
|---|
| 14 Nov 2022 - 16 Nov 2022 |
| Subscription |
|---|
| 2.01x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹14,607 | 1 | 13 | 27 | 11.7 M | ₹514 - ₹541 | 89.69 % | ₹6033.1 M - ₹6350.0 M | RHP DOC |
Keystone Realtors IPO SUBSCRIPTION STATUS
16 Nov '22Keystone Realtors IPO overall subscription rate was 2.01 times the total available shares
Keystone Realtors IPO retail subscription rate was 0.52 times in the retail segment
Keystone Realtors IPO non-institutional investor subscription rate was 3.03 times in the non-institutional investor category
Keystone Realtors IPO Qualified Institutional Bidder subscription rate was 3.84 times the available shares for Qualified Institutional Bidder
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 35% | 15% | 50% |
16 Nov 2022 (Day 3) | 0.52x | 3.03x | 3.84x |
15 Nov 2022 (Day 2) | 0.24x | 0.72x | 0.49x |
14 Nov 2022 (Day 1) | 0.12x | 0.11x | 0x |
Keystone Realtors FINANCIALS
| Period | Net Profit (Rs in millions) | Revenue from Operations (Rs in millions) | Cash Flow from Operations (Rs in millions) | Free Cash Flow (Rs in millions) |
| Q1FY23 | 42.2 | 1,685.6 | 537.1 | 534.8 |
| Q1FY22 | -9.7 | 837.4 | 406.1 | 405.3 |
| FY22 | 1,358.3 | 12,693.7 | -1,095.5 | -1,099.1 |
| FY21 | 2,318.2 | 8,487.2 | 6,424.6 | 6,416.5 |
| FY20 | 144.9 | 12,114.7 | 3,511.1 | 3,487.5 |
Keystone Realtors IPO SUBSCRIPTION STATUS DETAILS
Keystone Realtors had 11.7 M shares on offer
Keystone Realtors IPO offer price was in the range ₹514 - ₹541
Keystone Realtors IPO minimum Investment was ₹14607
Keystone Realtors IPO issue size was ₹ 6033.1 M - ₹ 6350.0 M
Keystone Realtors had a minimum lot size of 27 Shares per application
Keystone Realtors NUMBER OF SHARES ON OFFER
Keystone Realtors IPO IMPORTANT DATES
| Issue Open Date | 14 Nov 2022 |
| Issue close Date | 16 Nov 2022 |
| Allotment Date | 21 Nov 2022 |
| Refund Date | 22 Nov 2022 |
| Demat Account Credit Date | 23 Nov 2022 |
| Listing Date | 24 Nov 2022 |
| Listing on Exchange(s) | NSE and BSE |
| Keystone Realtors Allotment Status | Exchange |
Keystone Realtors IPO subscription opened on 14 Nov 2022, and closed on 16 Nov 2022
IPO allotment for Keystone Realtors was finalized on Monday, 21 Nov 2022
IPO listing for Keystone Realtors was on NSE and BSE on Thursday, 24 Nov 2022
Keystone Realtors IPO LISTING GAINS
| Issue Price (adjusted) | 541.0 |
| Listing Open Price | 555.0 |
| Listing Close Price | 556.9 |
| Listing Gain% | 2.6% |
| Current Gain% | -29.8% |
Keystone Realtors Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Keystone Realtors Ltd. | 380 | 4327.3 | 40.8 | -1.5 | 1.7 | 2.8 | 1.2 | 2716.8 | 28.1 | 78.9 | -54.1 | 9.3 | -26.9 |
| DLF Ltd. | 642 | 158915 | 35.7 | -41.3 | 23.5 | 9.7 | 5.9 | 9816 | 9.1 | 4414.7 | 1.1 | 18 | -0.9 |
| Lodha Developers Ltd. | 1218.7 | 121763.9 | 29.5 | 0.8 | 6.7 | 14.7 | 5.8 | 17119.5 | 20.8 | 3428.2 | 24 | 41.3 | 39.2 |
| Prestige Estates Projects Ltd. | 1584.8 | 68262.1 | 59.9 | 0.5 | 5.2 | 7.3 | 1.6 | 13195.5 | 70.6 | 1195.5 | 155.7 | 26.4 | 115.9 |
| Phoenix Mills Ltd. | 1895.5 | 67795.2 | 53 | 1.8 | 14.9 | 11.1 | 5.4 | 4593.6 | 15.9 | 1223.8 | 24.3 | 35.8 | 29 |
| Oberoi Realty Ltd. | 1775 | 64539.4 | 24.5 | 0.9 | 10.2 | 14 | 9.9 | 6304.3 | 15.2 | 2507.4 | 12.7 | 72.3 | 27.5 |
Keystone Realtors INFORMATION ON IPO ISSUE
About Keystone Realtors
Keystone Realtors was incorporated on November 6, 1995. The company is a prominent real estate developer (in terms of absorption in a number of units) in the micro markets and commands a market share of 28% in Khar, 23% in Juhu, 11% in Bandra East, 14% in Virar, 3% in Thane and 5% in Bhandup in terms of absorption (in units) from 2017 to 2021.
Object of the Issue
- Repayment/prepayment, in full or part, of certain borrowings availed by the company and/or certain of the subsidiaries
- Funding acquisition of future real estate projects and general corporate purposes
Keystone Realtors - PROMOTERS
| Name |
|---|
| Boman Rustom Irani |
| Percy Sorabji Chowdhry |
| Chandresh Dinesh Mehta |
Keystone Realtors Book Running Lead Manager
Axis Capital Limited
rustomjee.ipo@axiscap.in
Keystone Realtors Book Running Lead Managers
Credit Suisse Securities (India) Private Limited
list.rustomjeeipo@credit-suisse.com
Keystone Realtors Registrar to the Offer
Link Intime India Private Limited
rustomjee.ipo@linkintime.co.in
Keystone Realtors Strengths
Well established customer-centric brand
The company is one of the prominent real estate developers (in terms of absorption in number of units) in the micro markets that it is present in, namely Juhu, Bandra East, Khar, Bhandup, Virar, and Thane. It can garner premium pricing in the MMR micro markets, where its projects are located
Asset-light and scalable model
As part of its business model, the company focuses on entering joint development and re-development agreements with landowners or developers, or societies, which require lower upfront capital expenditure compared to the direct acquisition of land parcels. This results in profitability and stable financial performance
In-house functional expertise
The company has adopted an integrated real estate development model to ensure in-house competency at every stage of property development, commencing from business development to property delivery
Technology-focused operations
The company leverages technology as an enabler in various aspects of operations, including project planning and execution, and customer relationship management. This guarentees operational efficiency and enhances customer experience
Keystone Realtors Risks
Dependent on the real estate
Its business and profitability are significantly dependent on the performance of the real estate market, generally in India and particularly in the Mumbai Metropolitan Region
Outstanding litigation proceedings
There are certain outstanding litigation proceedings involving the company, subsidiaries, joint ventures, associates, directors and promoters
Capital intensive
The business is capital intensive and requires significant expenditure for real estate project development and is therefore dependent on the availability of real estate financing
IPO FAQs
This IPO consists of an offer for sale of up to Rs 75.0 crore, of 1,386,322 shares. It also consists of a fresh issue of Rs 560.0 crore.
The promoters of the company are Boman Rustom Irani, Percy Sorabji Chowdhry and Chandresh Dinesh Mehta.
The category allocation of qualified institutional buyers is 50.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 35.0%.
The price band of the IPO is Rs 514.0 - 541.0.
The IPO application opens on Nov 14, 2022 and closes on Nov 16, 2022.
The minimum lot size for the IPO is 27. The maximum lot size for the IPO is 351.
For all category investors, the minimum application amount for this IPO is Rs. 14,607.0, the maximum value for this IPO is Rs 189,891.0.
This IPO will be allotted on Nov 21, 2022.
The refund will be credited to your account on Nov 22, 2022.
The allotted shares will be credited to your demat on Nov 23, 2022.
Keystone Realtors Ltd.’s shares listed on the stock exchanges on Nov 24, 2022.