The company has recently raised ₹170 crore through pre-IPO placement. The deal, according to the bankers, comprised 100% primary infusion and witnessed participation from
Capital, IIFL Group, and the family office of Jagdish Master. acted as the sole advisor to the transaction. An email query sent to Rustomjee Group did not elicit any response.
Keystone will be the fourth real estate company to go public in the last 10 years. Last year,
(Lodha Group) and launched their IPOs to raise ₹2,500 crore and ₹600 crore, respectively. Puranik Builders is another realty company planning to go public this year. The company already received Sebi approval in November last year.
The Rustomjee Group, which has a presence in the Western and Central suburbs of Mumbai, reported sales of ₹2,680 crore during FY22. The group has a development portfolio of 20 million sq ft of completed projects, 9.2 million sq ft of ongoing development, and 16.4 million square feet of planned development across the Mumbai Metropolitan Region.
The Indian realty sector has seen a sharp recovery due to the streamlining of supply, low interest rates, affordability, demand stimulation measures by some states, and a definite shift in buyer sentiment in favour of physical assets.
