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IPO Details

Issue Date




Price Range

514 - 541

Lot Size


IPO Size

₹ 635.00 Cr

IPO Listing Details

Listing On

24 Nov'22

Issue Price


Listed Price

₹ 555

Retail Gain/Listing Gain


Start date

End date

Allotment of bids

Refund Initiation

Listing on exchange

Keystone Realtors Limited is one of the prominent real estate developers, in terms of absorption in the number of units, in the micro markets that it is present in (Source: Anarock Report). As of June 30, 2022, the company has 32 Completed Projects, 12 Ongoing Projects and 21 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 the Rustomjee brand. As of June 30, 2022, the company has developed 20.22 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.

The company has a diversified suite of projects across a wide range of price points, and a presence in several micro markets. It has experience in developing lifestyle projects, high-value standalone buildings, gated communities, fully integrated townships, re-developments, and stalled projects. The company has strategically introduced differentiated offerings and corresponding amenities based on the needs of the location and community to maximise its revenue. Over the years, the company has implemented designs based on customer insights and eco-friendly construction technologies to deliver modern lifestyle solutions and a diverse range of projects.

The company is led by experienced Promoters and a professionally qualified senior management team to provide the strategic direction and implementation of growth plans. At the forefront is the company's Chairman and Managing Director, Boman Rustom Irani. He is a first-generation real estate developer and entrepreneur with over 26 years of experience in the real estate industry.

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Well established customer-centric brand in the MMR:
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Asset-light and scalable model resulting in profitability and stable financial performance:
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Demonstrated project execution capabilities with in-house functional expertise:
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Technology focused operations resulting in operational efficiency and enhancing customer experiences:
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Here are a few strategies Keystone Realtors Limited has for its business:

  • Leverage the ‘Rustomjee’ brand to grow its asset-light operations

  • Improve operational efficiency with technological innovation, trusted vendors and stakeholder management

  • Leverage the leadership position in the premium category to grow its presence in the mid and aspirational category

  • Increased focus on key growth areas in the proximity of upcoming infrastructure projects and relaxation of Coastal Regulation Zone norms

  • Focus on sustainability

And finally here’s a look at key financials of Keystone Realtors Limited.

Particulars (in Rs. million)

Particulars (in Rs. million)

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Keystone Realtors Ltd IPO FAQs

Keystone Realtors Ltd will list on 2022-11-24.

635.00 is the issue size of Keystone Realtors Ltd IPO.

The price band of Keystone Realtors Ltd IPO is ₹514 to ₹541.

The Keystone Realtors Limited IPO has an issue size of Rs. 635 crore. The IPO opens for subscription on 14th November, and ends on 16th November.

The allotment dates will be announced soon.

Link Intime India Private Limited is the registrar for this IPO.

You can read more about Keystone Realtors Limited and its IPO from the company’s red herring prospectus (RHP) here: Keystone Realtors Limited RHP.

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