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Rustomjee group company Keystone Realtors has filed draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) to raise Rs 850 crore through an initial public offering (IPO).

The company proposes to utilize the net proceeds towards payment of a debt, funding acquisition of future real estate projects, and general corporate purposes. Axis Capital and Credit Suisse Securities (India) are the book-running lead managers to the issue.

Keystone Realtors, doing business as Rustomjee, operates as a real estate company. The company builds and sells residential buildings such as single and multi-family homes, apartments, and condominiums, as well as constructs retail facilities and business parks.