Rustomjee IPO
Rustomjee IPO — date, price band, lot size & details 2022
Rustomjee listed on 24 Nov 2022 at ₹555, 2.6% above the ₹541 issue price.
Keystone Realtors develops residential, commercial and other real estate projects in the Mumbai Metropolitan Region under the Rustomjee brand. Its total income was Rs 1,302.97 crore in FY2022.
Stock price
Rustomjee is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 10 November.
- Open 14 Nov 2022
- Close 16 Nov 2022
- Allotment 21 Nov 2022
- Refund/credit 22 Nov 2022
- Listing 24 Nov 2022
Issue summary
The terms of the offer, as filed.
| IPO Dates | 14 to 16 Nov, 2022 |
|---|---|
| Price Band | ₹514 – ₹541 |
| Face Value | ₹10 |
| Lot Size | 27 Shares |
| Issue Size | ₹635 Cr |
| Sale Type | Fresh capital cum OFS |
| Listing On | BSE, NSE |
| Registrar | MUFG Intime India Private Limited |
| Min Investment | ₹ 14,607 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 27 shares at the ₹541 cut-off. Drag to size your application.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 27 | ₹14,607 |
| Retail (max) | 13 | 351 | ₹1,89,891 |
| S-HNI (min) | 14 | 378 | ₹2,04,498 |
| S-HNI (max) | 68 | 1,836 | ₹9,93,276 |
| B-HNI (min) | 69 | 1,863 | ₹10,07,883 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 5
- 01It had 12 ongoing and 21 forthcoming projects in the Mumbai Metropolitan Region on 30 June 2022.
- 02It had developed 20.22 million square feet across 32 completed projects.
- 03Rs 560.00 crore of the Rs 635 crore issue was fresh capital, with Rs 341.60 crore for repaying debt.
- 04Total income rose from Rs 1,177.27 crore in FY2021 to Rs 1,302.97 crore in FY2022.
- 05Redevelopment and joint development models need less upfront capital, and the source puts the EBITDA margin at 16.60%.
Risks · 6
- 01Profit swings sharply, from Rs 14.49 crore in FY2020 to Rs 231.82 crore in FY2021 and Rs 135.83 crore in FY2022.
- 02Profit was only Rs 4.22 crore in the three months to 30 June 2022.
- 03Total borrowing was Rs 1,468.83 crore on 30 June 2022, and the source puts debt to equity at 1.62.
- 04All of its 12 ongoing and 21 forthcoming projects are in the Mumbai Metropolitan Region, so a slowdown there would hit the whole business.
- 05The pre-issue P/E was 41.23 at the upper band of Rs 541, based on EPS of Rs 13.12.
- 06Promoters and the promoter group held 96.71% before the issue and 86.7% after it.
Three years of numbers
All figures in ₹ crore, as reported in the Rustomjee offer document.
| Metric | 30 Jun 2022 | 31 Mar 2022 | 30 Jun 2021 | 31 Mar 2021 | 31 Mar 2020 |
|---|---|---|---|---|---|
| Assets | 3,910.15 | 3,876.84 | 3,676.24 | 3,654.10 | 4,415.31 |
| Total Income | 176.00 | 1,302.97 | 91.40 | 1,177.27 | 1,268.60 |
| Profit After Tax | 4.22 | 135.83 | -0.97 | 231.82 | 14.49 |
| NET Worth | 0.00 | 0.00 | 0.00 | ||
| Reserves and Surplus | 0.00 | 0.00 | 0.00 | ||
| Total Borrowing | 1,468.83 | 1,557.96 | 1,145.56 | 2,513.90 | 1,220.26 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the Rustomjee RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
Rustomjee IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| EPS (₹) | ₹13.12 | ₹1.48 |
| P/E Ratio (x) | 41.23 | 365.54 |
| Market Cap at Offer Price (₹ Cr) | ₹174.01 | ₹1,542.58 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹541 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
₹524.46 Cr of the issue is earmarked to named objects.
About the company
On 30 June 2022 it had 32 completed projects, 12 ongoing projects and 21 forthcoming projects across the Mumbai Metropolitan Region, all under the Rustomjee brand. Its projects cover affordable, mid and mass, aspirational, premium and super premium categories.
By that date it had developed 20.22 million square feet of residential buildings, gated estates, townships, corporate parks, retail spaces, schools and other projects. Much of its growth comes from joint development, redevelopment and slum rehabilitation projects, which need less upfront capital than buying land.
The IPO was Rs 635 crore, with Rs 560.00 crore of fresh issue and Rs 75.00 crore of offer for sale by the three promoters. Rs 341.60 crore was planned for repaying borrowings.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
The bankers & the filings
Who is running the book, and the documents this page is built from.
Rustomjee IPO Documents
Read the filings this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
Axis Capital
82 issues handledBest listing: Latent View Analytics (+160.0%). Weakest: Shriram Properties (-23.7%).
Credit Suisse Securities (India) Pvt. Ltd
9 issues handledBest listing: Zomato (+52.6%). Weakest: Star Health and Allied Insurance Company (-6.1%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of Rustomjee?
The current Grey Market Premium is ₹5, or 1% over the issue price.
What is the Rustomjee IPO price band?
₹514 to ₹541, on a face value of ₹10.
When is the allotment?
The basis of allotment is 21 November 2022, with listing on 24 November 2022.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — MUFG Intime India Private Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
