Shares of Keystone Realtors gained nearly 7% today after Plutus Wealth Management bought 17.1 lakh shares or 1.5% stake in Rustomjee Group company at an average price of Rs 555.03 per share on NSE. The transaction was of Rs 94.91 crore. The stock of Keystone Realtors today rose 6.85% to Rs 596 against previous close of Rs 557.80 on BSE. The market cap of the firm rose to Rs 6,454.57 crore. A total of 1.42 lakh shares changed hands on BSE for a turnover of Rs 8.16 crore. Shares of Keystone Realtors listed on Thursday at a 2.60 per cent premium to its issue price of Rs 541 per share.
The stock made its debut at Rs 558.7 on BSE. The IPO was conducted from November 14 to November 16, 2022 in a price band of Rs 514 to Rs 541 per share. The allotment of shares was done on 21 November. The allotment status was declared on the official website of the Registrar Link Intime India. Private Limited
The lot size of Keystone Realtors IPO was 27 shares, for which Rs 14,607 would have to be spent. A retail individual investor can submit bids for up to 13 lots or 351 shares by spending Rs 1,89,891.
The initial public offering (IPO) of Keystone Realtors witnessed a muted response as the offer was subscribed only 2.01 times on the last day. Qualified institutional buyers bought 3.84 times the allotted quota and high net worth individuals bought shares thrice. Retail investors bid only 0.53 times of the portion allotted to them.
A day before the IPO, the realty firm raised a little over Rs 190 crore from anchor investors. The company allotted 35.21 lakh equity shares at Rs 541 per share to 16 anchor investors, taking the transaction size to Rs 190.5 crore. Anchor Book saw participation from a wide variety of investors.
Abu Dhabi Investment Authority, Morgan Stanley and Cent Capital account for approximately 35 percent of the anchor investor portion. Domestic mutual funds such as Aditya Birla Mutual Fund, IDFC Mutual Fund, Tata Mutual Fund and Quant Mutual Fund also participated in the anchor investor portion.
SBI Life Insurance and HDFC Life Insurance Company were also part of the anchor investors.
Keystone Realtors develops property under the brand name ‘Rustomjee’. The company has 12 ongoing projects and 21 upcoming projects in the Mumbai Metropolitan Region (MMR). It has completed 32 projects till June 30.
