The Rustomjee Group is planning an initial public offering (IPO) of Rs 1,000 crore.

Keystone Realtors, a Rustomjee group company, is expected to file a draft red herring prospectus (DRHP)  with the market regulator Sebi soon for an initial public offering (IPO) of over ₹1,000 crores.

The company raised $170 million in a pre-IPO placement. HDFC Capital, IIFL Group, and Jagdish Master’s family office all participated in the deal, according to the bankers. The deal was advised exclusively by Axis Capital.

In the last ten years, Keystone will be the fourth real estate company to go public. Macrotech Developers (Lodha Group) and Shriram Properties both had initial public offerings last year, raising a total of ₹2,500 crore and ₹600 crore, respectively. Another real estate firm planning to go public this year is Puranik Builders. In November of last year, the business gained Sebi permission.

In FY22, the Rustomjee Group, which operates in Mumbai’s Western and Central suburbs, reported sales of ₹2,680 crore. Across the Mumbai Metropolitan Region, the group has a development portfolio of 20 million square feet of completed projects, 9.2 million square feet of ongoing development, and 16.4 million square feet of planned development.

Due to streamlining of supply, low financing rates, affordability, demand stimulation initiatives by some states, and a clear shift in buyer attitude in favour of physical assets, the Indian real estate sector has seen a significant recovery.