Keystone Realtors (Rustomjee) IPO lists at 2.6% premium; stays flat

Keystone Realtors IPO (Rustomjee) had a marginally positive listing on 24th November 2022, listing at a slight premium of 2.6%, and closing the day flat, almost very close to the listing price itself. While the stock did show some bouts of volatility during the day it closed the day at around the listing price with marginal gains. Keystone Realtors IPO (Rustomjee) closed nearly 3% above the issue price on the first day of trading on the NSE. With subscription of just 2.01 times overall and QIB subscription at a meagre 3.84 times, the listing was expected to be flat at best and weak at its worst on the first day of trading. Here is the Keystone Realtors Ltd (Rustomjee) listing story on 24th November 2022.

Keystone Realtors was fixed at the upper end of the band at Rs.541 which is rather ambitious considering that the response to the issue was rather tepid at 2.01 times overall subscription and just 3.84 times subscription for the QIB portion. The price band for the IPO was Rs. 514 to Rs. 541. On 24th November 2022, the stock of Keystone Realtors IPO (Rustomjee) listed on the NSE at a price of Rs. 555, a marginal premium of 2.6% above the issue price of Rs. 541. On the BSE also, the stock listed at Rs.555 a similar listing premium of 2.6% above the issue price.

On the NSE, Keystone Realtors Ltd (Rustomjee) closed on 24th November 2022 at a price of Rs. 556.80. That is a first day closing premium of 2.92% over the issue price of Rs. 541. However, the stock closed at a small premium of just 0.32% over the listing price of Rs. 555 per share. On the BSE, the stock closed at Rs. 557.80. That represents a first day closing premium of 3.11% above the issue price but closed at a premium of just 0.50% on the listing price on the stock exchange. On both the exchanges, the stock listed above the IPO price and stayed marginally higher. The stock was in an extremely tight range through the day and the total range for the day was just about 2-3%, which his extremely low on a listing day, which generally tends to be a volatile session for newly listed stocks.

On Day-1 of listing, Keystone Realtors Ltd (Rustomjee) touched a high of Rs. 569.95 on the NSE and a low of Rs. 548. The premium to the issue price sustained through the day although the price movement through the day was in a very tight range of just about 3-4%, which is quite rare on the day of listing for an IPO. In fact, if you look at the range of prices, the stock never really went too much above the listing price through the day or even too much below the listing price. As you can see the entire range of the stock was quite constricted with the high and low in a tight narrow range only. The stock closing was more like a median of the day with a bias towards the lower side. On Day-1 of listing, the Keystone Realtors Ltd (Rustomjee) stock traded a total of 58.64 lakh shares on NSE amounting to value of Rs. 326.79 crore on the first day, which is rather tepid volumes on Day-1. The order book during the day showed a lot of selling pressure at every bounce in the stock price with the sell orders exceeding the buy orders for in the second half, which eventually pushed the price close to the median.

On Day-1 of listing, Keystone Realtors Ltd (Rustomjee) touched a high of Rs.568.25 on the NSE and a low of Rs. 555. The premium to the issue price sustained through the day although the price movement through the day was in a very tight range of just about 2-3%, which is quite rare on the day of listing for an IPO. In fact, if you look at the range of prices, the stock never really went too much above the listing price through the day or even too much below the listing price. As you can see the entire range of the stock was quite constricted with the high and low in a tight narrow range only. The stock closing was more like a median of the day with a bias towards the lower side. On Day-1 of listing, the Keystone Realtors Ltd (Rustomjee) stock traded a total of 4.16 lakh shares on NSE amounting to value of Rs.23.16 crore on the first day, which is rather tepid volumes on Day-1 even by BSE standards. The order book during the day showed a lot of selling pressure at every bounce in the stock price with the sell orders exceeding the buy orders for in the second half, which eventually pushed the price close to the median. On BSE, the stock closed quite near to the day’s low.

At the close of Day-1 of listing, Keystone Realtors Ltd (Rustomjee) had a market capitalization of Rs.6,352.08 crore with free-float market cap of Rs.571.69 crore.