Shares of Keystone Realtors, which sells properties under brand 'Rustomjee', made a tepid stock market debut on Thursday. The stock opened for trading at Rs 555 per share on the BSE compared with its issue price of Rs 541 per share on the BSE and the National Stock Exchange. The stock ended over 3 per cent higher in its debut trade at Rs 556.80.
The stock rose as much as 5 per cent to hit an intraday high of Rs 568.25.
The company commanded a market valuation of Rs 6,352.08 crore on the BSE.
In volume terms, 4.16 lakh shares of the firm were traded at the BSE and over 58.63 lakh shares on the NSE during the day.
The three-day share sale of Keystone Realtors which ended on November 16 saw a lukewarm response from the investor community as the IPO was subscribed 2 times. Portion reserved for qualified institutional buyers was subscribed 3.84 times, shares set aside for non institutional investors was subscribed 3.03 times and pie set aside for retail investors was booked 0.53 times.
The company raised Rs 635 crore from the IPO which comprised of fresh issue of up to Rs 560 crore and an offer-for-sale of up to Rs 75 crore. The company had priced the IPO in range of Rs 514-541 per share. At the upper end of the price band one lot of Keystone shares was priced at Rs 14,697.
Founded in 1995, Keystone Realtors has 32 completed projects, 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 realty firm has developed 20.05 million square feet of high-value and affordable residential buildings, premium gated estates, townships, corporate parks, retail spaces, schools, iconic landmarks and various other real estate projects as of March 2022.
