After a lukewarm IPO, will Rustomjee realty developer's stock stage a listing gain? Here's what to expect

"Going by the trend in the grey market, where Keystone Realtors hardly has any activity, one can expect a muted listing," Dinesh Gupta, Co-Founder of UnlistedZone — a firm that deals in unlisted shares, told CNBCTV18.com.

"The real estate sector was doing good and expected to do well in the next 2-3 years," he said.

Others expect a flat-to-marginally-positive debut for Keystone on BSE and NSE.

"Keystone Realtors has a decent asset-light business model run in the MMR region. Despite a strong brand name and business model, the response to the IPO was a bit slow as, apparently, the IPO pricing was not much lucrative," said Abhay Doshi, Co-Founder of Unlisted Arena — a portal that tracks grey markets. (Learn about what the grey market is)

The IPO of Keystone Realtors was priced at Rs 514-541 apiece under the IPO. Shares were available for bidding in multiples of 27— translating to Rs 13,878-14,607 per lot.

Meanwhile, several experts are betting on a long-term upcycle in the country's real estate sector.

The IPO of Rustomjee received bids for 1.7 crore shares against the 86.5 lakh shares on offer. Up to 50 percent of the issue was reserved for QIBs, 15 percent for non-institutional investors — also known as high net-worth individuals — and the remainder for retail investors.