Trilegal advised Keystone Realtors Limited (“Rustomjee”) and its promoters (who were also selling shareholders) on its initial public offering ("IPO") of equity shares aggregating to INR 6,350 million.

Established in 1995, Rustomjee is a prominent real estate developer based out of Mumbai and has developed ~20.22 million square feet of high-value and affordable residential buildings, premium gated estates, townships, corporate parks, retail spaces, schools, and iconic landmarks. The IPO comprises a fresh issuance of equity shares and an offer for sale by existing shareholders. The proceeds from the fresh issuance are proposed to be deployed towards repayment of certain loans, funding acquisition of future real estate projects and general corporate purposes. The IPO was anchored by marquee investors such as Abu Dhabi Investment Authority, Morgan Stanley, and SBI Life Insurance, amongst others. The equity shares were listed on the bourses on November 24, 2022, at a premium. The transaction included various complex issues, including, inter alia, foreign investor participation in a regulated sector and retention of certain inter-se shareholders’ rights.

The IPO deal team was led by Partner Richa Choudhary, and comprised Senior Associates, Avanti Kale and Maitreya Rajurkar, and Associates, Aman Bahl, Aayush Khandelwal and Shivayana Balodia. The team advising on real estate aspects was led by Partner, Mridul Kumbalath, and comprised Counsel, Arnav Nagalia and Sadaf Shaikh, Senior Associate, Dilnaz Bapasola, Senior Consultant, Ganashruthi MU, Associates Sharul Jain and Yunus Nawab and Consultant, Veena Vasudevan.