Brokerage houses Reliance Securities, KR Choksey and Choice Securities have recommended Subscribe to the forthcoming IPO of Rustomjee Keystone Realtors hailing its asset-light business model and attractive valuations. In the view of a leading position in Mumbai Real estate market, strong pipeline of ~35mn sq. ft. of saleable area, strong track record with decent financials, and attractive valuation, Reliance Securities recommended 'SUBSCRIBE' to the public issue of Keystone Realtors (Rustomjee). Keystone is a prominent player in the real estate space, says the Reliance Securities IPO note. Based on FY22 earnings, the company is valued at 45.4x P/E, 41.7x EV/EBITDA and 5.9x EV/Sales. While the company had been inconsistent with its top and bottom lines for the past few years, Reli .... Read More