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Rustomjee Group Firm Keystone Realtors’ Debuts at 3% Premium; Buy, Sell or Hold

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Last Updated: November 24, 2022, 10:25 IST

Keystone Realtors’ Share Price: Mumbai-based realty firm Keystone Realtors’ shares made a market debut on Wednesday with the stock listing at Rs 555 apiece on the NSE, a premium of more than 2 per cent as compared to its IPO issue price of Rs 541 per share. On the BSE, Keystone Realtors shares started trading at Rs 555 apiece.

Should You Buy?

Pravesh Gour, Senior Technical Analyst, Swastika Investmart Ltd., said: “Keystone Realtors has debuted at Rs. 555, i.e., (2.58 per cent) over its issue price. The company has given a respectable listing to unexciting investor subscription levels. With a rising population, India’s urbanisation rate is also increasing at a fast pace, which is expected to drive the demand for housing, offices, and other real estate asset classes in the medium to long term, and MMR still has the largest share among all cities in terms of this supply. KRL is a well-known real estate developer from Mumbai. It is also trying to work on an asset-light business model. KRL has reported a mixed set of financials, where revenue is almost stable.”

“So, allottees who applied for the public offering for listing premium are advised to maintain their stop loss at Rs 545 and wait for further upside, whereas those who have a medium- to long-term perspective can hold the stock and maintain their stop loss at Rs 510,” he added.

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