The company is selling its shares in the range of Rs 514-541 apiece between November 14-16, with a lot size of 27 equity shares. The issue comprises of fresh equity shares worth Rs 560 and an offer-for-sale (OFS) of Rs 75 crore.
According to the data from BSE, investors made bids for 2,29,716 equity shares or only 3% compared to 86,47,858 equity shares offered for subscription by 11.15 am on Monday.
The quota for retail bidders was subscribed merely 3%, whereas the allocation for non-institutional investors fetched 6% bids. The portion for qualified institutional bidders was not even off the mark.
As of March 31, 2022, the real estate developer had 32 completed projects, 12 ongoing projects and 19 forthcoming projects across the Mumbai Metropolitan Region (MMR).
It 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.
The majority of the brokerage firms remain positive on the issue in the long run but are cautious over its valuations and high debt-to-equity ratio in the near term.
Keystone Realtors is a well-established customer-centric brand with an asset-light and scalable model resulting in profitability and stable financial performance, said Anand Rathi Research, adding that it is among the leading residential real estate development companies.
With a well-diversified portfolio and robust pipeline coupled with demonstrated project execution capabilities with in-house functional expertise, the brokerage has a subscribe for the long-term rating on the issue.
“Keystone has a strong pipeline and its sales have improved. There is a decline in its borrowings and the company is also trying to work on an asset-light business model,” said
.
It has reported a mixed set of financials, where revenue is almost stable but there is a decline in its profit and margin, but this might be due to the longer cash conversion cycle of the real estate industry compared to others, it added with a ‘subscribe’ rating for long-term investors.
and Credit Suisse Securities (India) are the book-running lead managers to the issue, whereas Link Intime India has been appointed as the registrar to the issue.
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