Keystone Realtors IPO: Issue subscribed 41% on Day 2

The initial public offering (IPO) of Keystone Realtors on Tuesday subscribed 41 per cent on the second day of bidding. The issue attracted bids for 35,77,662 equity shares against the IPO size of 86,47,858 shares. The initial share sale would conclude on November 16 (Wednesday).

The quota for qualified institutional buyers (QIBs) got subscribed 49 per cent, the non-institutional investors' category witnessed 72 per cent subscription, while the portion for retail individual investors (RIIs) received 24 per cent subscription by 5 pm today.

The company fixed its IPO price band at Rs 514-541 per share. The company had raised a little over Rs 190 crore from anchor investors ahead of its IPO.

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Grey market premium

Market participants said Keystone Realtors IPO grey market premium (GMP) stood nil today. It implies that the grey market is expecting the company to witness a muted listing.

Brokerage view

* Reliance Securities assigned a 'Subscribe' rating on the issue.

* Choice Broking gave a 'Subscribe with Caution' call on the issue.

* KRChoksey Shares and Securities recommended a 'Subscribe' call.

Axis Capital and Credit Suisse Securities (India) were the managers to the offer.

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Founded in 1995, Keystone Realtors has 32 completed projects, 12 ongoing projects and 19 forthcoming projects across the Mumbai Metropolitan Region (MMR). The reality firm carries out property development under the brand name 'Rustomjee'.