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HomeBusinessKeystone Realtors: Listing of Keystone Realtors faded, share listing with a slight...

Keystone Realtors: Listing of Keystone Realtors faded, share listing with a slight rise of 3%

Keystone Realtors IPO Listing: The IPO of real estate company Keystone Realtors (Keystone Realtors IPO Today the listing has been done on the Stock Exchanges. The company has been listed at Rs 555, which is only 3% more than the issue price. The company raised money in the IPO at a price of Rs.541. After listing, the stock has also gone up to Rs 569.95. Currently, the stock is trading at Rs 561 with a gain of 3.74 per cent. With the listing of Keystone Realtors’ IPO, the company’s market cap has gone up to Rs 6342 crore.

The IPO of Keystone Realtors received a lukewarm response. The company has raised Rs 635 crore through IPO. The company’s IPO was open on 14 November and investors could apply in the IPO till 16 November. There was a fresh issue of Rs 560 crore in IPA, rest of the money has been raised through fall sale. The IPO was subscribed only 2.01 times. In which the quota of institutional investors was subscribed 3.84 times, the category of non-institutional investors was subscribed 3.03 times. Retail investors had stayed away from the IPO and this category could subscribe only 53 percent i.e. 0.53 times.

It will repay the loan through the funds raised by the company through the IPO. Also will acquire real estate projects in future. Keystone Realtors is a real estate giant in the micro market. The company has developed 20.2 million sq. ft of high value and affordable housing buildings, premium gated estates, townships. Till June 30, 2022, the company has completed a total of 32 projects. There are 12 ongoing projects and 21 upcoming projects in the Mumbai Metropolitan Region.

Brokerage houses like ICICI Securities and Anand Rathi are bullish on Keystone Realtors stock.

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