Keystone Realtors shares nearly 3% higher on market debut

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The company recommended a market valuation of Rs 6,327.60 crore on the BSE. (Representative)

New Delhi:

Shares of Keystone Realtors, which sells properties under the ‘Rustomjee’ brand, made their market debut today at a premium of almost 3 percent over the issue price of Rs 541.

The share is quoted at Rs 555, reflecting a gain of 2.58 per cent over the issue price on the BSE. It further increased by 5 percent to Rs 568.25.

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Also on the NSE, it made its debut for Rs 555.

The company recommended a market valuation of Rs 6,327.60 crore on the BSE.

The Keystone Realtors IPO received 2 subscriptions on the last day of the offering on November 16.

The IPO had a new issue of up to Rs 560 crore and an offer for sale of up to Rs 75 crore.

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The price range for the IPO was Rs 514-541 per share.

Established in 1995, Keystone Realtors has 32 completed projects, 12 ongoing projects and 19 future projects in the Mumbai Metropolitan Region (MMR), including an extensive range of projects in affordable, medium and massive, aspirational, premium and super premium categories, all of them under the Rustomjee brand.

The real estate agency has developed 20.05 million square feet of high-quality 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.

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