Keystone Realtors IPO GMP, Subscription, Review; Should You Buy on Last Day?

Rustomjee Group-backed company Keystone Realtors released its initial public offering (IPO) on Monday, November 14. Today, November 16, is the last day for subscribers to place their bids for shares of the Mumbai-based real estate operator’s public issue. So far, investors have not shown great enthusiasm towards the company, with bids received from just 35.77 lakh shares against an IPO size of 86.47 lakh, reported Moneycontrol. Potential bidders can find key things they need to know about the IPO here.


Keystone is looking to raise Rs 635 crore via its IPO. The price band for the offer ranges from Rs 514 to Rs 541 per share. For retail investors, the lot size of the company is fixed at 27. The public issue will close on Wednesday.

The company has decided to allocate half of the public issue shares to qualified institutional bidders (QIBs). Another 15 percent is earmarked for non-institutional investors (NIIs), leaving the remainder, 35 percent shares, for retail bidders. So far, none of the investor categories has seen a full response.

The date set for the finalisation of the listing of the shares is November 21. Keystone Realtor’s shares are set to make a debut on the country’s stock exchanges three days after that, on November 24.


Credit Suisse Securities (India) and Axis Bank are the book running lead managers to the issue. Link Intime India is the official registrar for this issue.

The company, which carries out property development under the Rustomjee brand name, has 12 ongoing projects and 21 upcoming projects in Maharashtra’s Mumbai Metropolitan Region (MMR). It has already finished 32 projects in the same region as of June 2022. In financial year 2022, Keystone Realtors reported income amounting to Rs 1,269.3 crore. In the previous FY, this number stood at Rs 848.7 crore, reported the Economic Times. The company has turned a profit of Rs 135.8 crore in the last FY. It also reported a profit of Rs 4.22 on a revenue of Rs 168.5 crore in the June 2022 quarter.

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