Keystone Realtors Rs.635-Cr IPO subscribed 2 times

The initial public offering of Keystone Realtors, which sells properties under the brand 'Rustomjee', received 2 times subscription. The company's Initial Public Offering (IPO) got bids for 1,73,72,367 shares against 86,47,858 shares on offer. 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% subscription. The IPO had a fresh issue of INR 560 crore and an offer for sale of INR 75 crore. Price range for the IPO was at INR 514-541 a share. The company intends to use the proceeds towards funding the repayment/prepayment of borrowings to the tune of INR 341.6 crore as well as towards funding the acquisition of future real estate projects. It had collected a little over INR 190 crore from anchor investors. Axis Capital and Credit Suisse Securities (India) were the managers to the offer.