Keystone Realtors IPO opens for subscription today. Details inside!

Keystone Realtors initial public offering (IPO) opens for subscription on Monday and will close on Wednesday. The Mumbai-based real estate developer has set the IPO price range at Rs 514-541 per share.

Keystone Realtors' initial public offering opened on Monday and will close on Wednesday, November 16. The Mumbai-based real estate developer selling properties under the 'Rustomjee' brand has set the initial public offering price range at Rs 514-541 per share. Prior to the initial public offering, the company raised over Rs 190 crore from anchor investors prior to its launch. The broker is seeking to raise Rs 635 crore through initial share sale, consisting of a new equity share issue totaling Rs 560 crore and an Offer to Sell (OFS) of Rs 75 crore. rupees by the promoters. The company's equity shares are expected to be listed on the BSE and NSE stock exchanges on November 24, 2022.

Issue Break-up
QIB part: 50%
Non-institutional part: 15%
Retail part: 35%

The initial public offering contains a lot size of 27 shares. An individual investor can apply for up to 13 contracts or 351 shares worth Rs 189,891. Axis Capital Ltd. and Credit Suisse Securities (India) Pvt. are the directors responsible for the launch of the book, while Link Intime India Pvt. Ltd. is the registrant. Keystone Realtors intends to use the net proceeds to finance the repayment and prepayment of loans to the tune of Rs 341.6 crore, as well as to finance the acquisition of future real estate projects and general corporate purposes, according to RHP.

Should You Register for the Keystone Realtors IPO?

Choice Brokerage: Sign Up with Caution

At the higher price range, KRL has an EV/TTM multiple for pre-sales of 2.6x, which appears to be a discount to the peer average. Therefore, the issue appears to be attractively priced. However, given its 76.6% sequential drop in pre-sales business (compared to an average 3% increase in peer business), we assign a "Subscribe With Caution" rating to this issue."