 "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.
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