Shares of Keystone Realtors rose nearly 7% today after Plutus Wealth Management purchased 17.1 lakh shares or 1.5% stake in the Rustomjee Group company at an average price of Rs 555.03 per share on NSE. The transaction was worth Rs 94.91 crore. Keystone Realtors stock surged 6.85% to Rs 596 today against the previous close of Rs 557.80 on BSE. Market cap of the firm rose to Rs 6,454.57 crore. Total 1.42 lakh shares changed hands amounting to a turnover of Rs 8.16 crore on BSE. On Thursday, Keystone Realtors stock listed 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 held in a price band of Rs 514 to Rs 541 per share from November 14 to November 16, 2022. The allotment of shares was done on November 21. The allotment status was declared on the official website of the registrar Link Intime India Private Ltd.
The lot size of Keystone Realtors IPO was 27 shares for which one would have to spend Rs14,607. A retail individual investor could submit bids for up to 13 lots or 351 shares by spending Rs 1,89,891.
Keystone Realtors’ initial public offering (IPO) saw a lacklustre response as the offer was subscribed just 2.01 times on the final day. Qualified institutional buyers bought shares 3.84 times the allotted quota and high networth individuals three times. Retail investors bid for only 0.53 times of the portion set aside for them.
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A day ahead of the IPO, the realty firm collected a little over Rs 190 crore from anchor investors. The company allotted 35.21 lakh equity shares to 16 anchor investors at Rs 541 apiece, taking the transaction size to Rs 190.5 crore. The anchor book saw participation from a wide variety of investors.
Abu Dhabi Investment Authority, Morgan Stanley and Saint Capital accounted for nearly 35 per cent 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 too were part of the anchor investors.
Keystone Realtors carries out property development under the brand name ‘Rustomjee’. The company has 12 ongoing projects and 21 forthcoming projects across the Mumbai Metropolitan Region (MMR). It completed 32 projects till June 30.