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Keystone Realtors unlikely to see good premium on listing today

Neither the grey market suggest any big listing premium for Keystone Realtors. Its shares traded with just half a percent to one percent premium in the unlisted market, analysts said.

November 24, 2022 / 06:27 AM IST
 
 
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Keystone Realtors, a prominent real estate developer under the Rustomjee brand, is unlikely to see a great listing on the back of a muted response to its maiden public issue, underperformance of realty space amid rising interest rates in current financial year, and a bit of expensive valuations, despite a strong brand name and impressive financial track record, experts said.

According to them, the listing may be at par or with moderate premium over its issue price of Rs 541 per share.

The well-known brand in the Mumbai Metropolitan Area (MMR) saw its IPO being subscribed just 2.01 times during November 14-16, backed by qualified institutional buyers (QIB) and high networth individuals (HNIs).

Qualified institutional buyers bought shares 3.84 times the allotted quota and high networth individuals three times their share, but retail investors stayed tepid to the issue, bidding for just 53 percent of the portion set aside for them.