The stock of Mumbai-based real estate company Keystone Realtors Ltd., the parent company of the Rustomjee brand, listed at Rs 555 apiece on the BSE and NSE., a premium of 2.59% to its IPO price of Rs 541 apiece.
Keystone Realtors launched its three-day initial public offering on Nov. 14. The issue was subscribed 2.01 times. The QIB portion was subscribed 3.84 times, non-institutional investors’ basket was subscribed 3.03 times, and the retail portion was subscribed 53%.
The company is a Mumbai Metropolitan region-focused real estate developer, with a significant presence in micro markets.
It commands a market share of 28% in Khar, 23% in Juhu, 11% in Bandra East, 14% in Virar, 3% in Thane, and 5% in Bhandup, in terms of absorption (in units) from 2017 to 2021, according to the real estate consultant Anarock’s report.