New Delhi:

The initial public offering of Keystone Realtors, which sells properties under the brand ‘Rustomjee’, received 2 times subscription on the last day of offer today.

The company’s Initial Public Offering (IPO) got bids for 1,73,72,367 shares against 86,47,858 shares on offer, according to an update on the NSE.

The category for Qualified Institutional Buyers (QIBs) received 3.84 times subscription, non-institutional investors portion was subscribed 3.03 times, while the quota for Retail Individual Investors (RIIs) got 53 per cent subscription.

The IPO had a fresh issue of up to Rs 560 crore and an offer for sale of up to Rs 75 crore.

Price range for the IPO was at Rs 514-541 a share.

On Friday, Keystone Realtors said it has collected a little over Rs 190 crore from anchor investors.

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 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 Rustomjee brand.

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.

Axis Capital and Credit Suisse Securities (India) were the managers to the offer.

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