The upcoming initial public offering(IPO) is:
Keystone Realtors Limited-
Since its inception in 1995, Keystone Realtors Limited has strived to create a brand focused on building communities and nurturing spaces that provide customers with a superior lifestyle. It is one of the prominent real estate developers in the Mumbai Metropolitan Region (MMR) 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 of units from 2017 to 2021. The company has 32 completed projects, 12 ongoing projects, and 19 forthcoming projects across MMR as of March 2022 which includes a comprehensive range of projects in the affordable, mid and mass, premium, and super premium categories under the Rustomjee brand. The company has developed 20.05 million square feet of affordable residential buildings, premium gated townships, corporate parks, retail spaces, schools, and various other real estate projects.
The company focuses on entering into joint development agreements, redevelopment agreements with landowners or developers, or societies and slum rehabilitation projects which require upfront capital investment. Its business model allows it to minimize upfront capital expenditure compared to the direct acquisition of land parcels and this ensures that the capital allocation is balanced and calibrated.
The promoters of the company are Boman Rustom Irani, Percy Sorabji Chowdhry, and Chandresh Dinesh Mehta. The net proceeds from the issue would be utilized for repayment/prepayment, in full or part of certain borrowings availed by the company and funding acquisition of future real estate projects and general corporate purposes.
The company had revenues of Rs 2142.6 crore with a profit of 137.7 crores (Year ended March 31, 2019), revenues of Rs. 1268.5 crores with a profit of Rs.14.4 crore (Year ended March 31, 2020), and revenue of Rs. 1177.2 crores with a net profit of Rs. 231.8 crores (Year ended March 31, 2021).
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