Home / Markets / Keystone Realtors shares' debut tomorrow: What to expect on listing day?

Keystone Realtors, which sells properties under the brand 'Rustomjee', saw its initial public offering (IPO) receive 2 times subscription on the last day of offer that was open from Monday, November 14, 2022 to Wednesday, November 16, 2022. The shares of the company are expected to make their market debut on the stock exchanges BSE and NSE on Thursday, November 24, 2022.

“Keystone Realtors Limited is one of the prominent real estate developer. The company is engaged primarily in the business of real estate construction, development and other related activities in India. The GMP is 5 and the issue has been subscribed 2X times, we may not expect huge listing gains, but one may accumulate or hold the position it with a long-term perspective as it is one of the renowned brands in the real estate industry," said Manoj Dalmia, Founder and Director, Proficient equities Private limited.

Keystone Realtors IPO had a fresh issue of up to 560 crore and an offer for sale (OFS) of up to 75 crore. The price range for the initial share sale was fixed at 514-541 a share. Keystone Realtors collected a little over 190 crore from anchor investors. The company decided to allot 35.21 lakh equity shares to 16 anchor investors at 541 apiece. 

“Keystone Realtors IPO price band is bit expensive as per the valuations. However, the company has a good financial track record and has generated stable profits in the past 3 years with a diverse category of projects in hand. Investors may hold their positions from a long term perspective. Keystone Realtors shares may list at a minor premium or around same price on the listing day," said Ravi Singh, Vice President and Head of Research, Share India.

Founded in 1995, Keystone Realtors has 32 completed projects, and has 12 ongoing projects and 19 forthcoming projects across the Mumbai Metropolitan Region (MMR) that includes a comprehensive range of projects under the affordable, mid and mass, aspirational, premium and super premium categories, all under Rustomjee brand.

The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.

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