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Rustomjee Group firm Keystone Realtors lists at 2% premium to issue price

The company’s initial public offering had seen lacklustre response from investors as the offer was subscribed just 2.01 times during November 14-16

November 24, 2022 / 10:02 AM IST

Mumbai-based realty firm Keystone Realtors made a tepid debut on the bourses listing at 2.6 percent premium to its issue price of Rs 541 per share. The stock started trading at Rs 555 on the NSE and BSE.

The company’s initial public offering had seen lacklustre response from investors as the offer was subscribed just 2.01 times during November 14-16. Qualified institutional buyers bought shares 3.84 times the allotted quota and high networth individuals 3 times, but retail investors bid for only 0.53 times of the portion set aside for them.

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Founded in 1995, Keystone Realtors is one of the prominent real estate developers in Mumbai. As of March 31, 2022, the company had 32 completed projects and has 12 ongoing projects and 19 forthcoming projects across the Mumbai Metropolitan Region (MMR).