Shares of Keystone Realtors, which sells properties under the brand ‘Rustomjee’, on Thursday made its market debut with a premium of nearly 3 per cent against the issue price of Rs 541.

The stock listed at Rs 555, reflecting a gain of 2.58 per cent from the issue price on the BSE. It further rallied 5 per cent to Rs 568.25.

At the NSE also, it made its debut at Rs 555.

The company commanded a market valuation of Rs 6,327.60 crore on the BSE.

The initial public offering of Keystone Realtors received 2 times subscriptions on the last day of the offer on November 16.

The IPO had a fresh issue of up to Rs 560 crore and an offer-for-sale of up to Rs 75 crore.

Price range for the IPO was at Rs 514-541 a share.

Founded in 1995, Keystone Realtors has 32 completed projects, 12 ongoing projects and 19 forthcoming projects across the Mumbai Metropolitan Region (MMR) that includes a comprehensive range of projects under the affordable, mid and mass, aspirational, premium and super premium categories, all under Rustomjee brand.

The realty firm has developed 20.05 million square feet of high-value and affordable residential buildings, premium gated estates, townships, corporate parks, retail spaces, schools, iconic landmarks and various other real estate projects as of March 2022. PTI SUM SUM ANU ANU