 "Keystone Realtors' IPO gets tepid response, oversubscribed 2x")
The IPO of Mumbai-based realty developer Keystone Realtors (Rustomjee) managed to garner just two times subscription. The retail portion of the IPO was just half covered. The institutional investor and wealthy investor portions were subscribed 3.8 times and 3 times, respectively. The company carries out property development under the brand name ‘Rustomjee’.
The IPO consisted of Rs 560 crore of fresh capital raise and Rs 75 crore worth of secondary share sale. At price-band for the IPO was Rs 514-541 per share. At the top-end, the company was valued at nearly Rs 6,200 crore. Based on its FY22 earnings, Rustomjee was valued at 45.4 times P/E, 41.7x EV/EBITDA and 5.9x EV/ sales.
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%