M.K. Sons Fine Jewels shares list at 6 per cent premium
The jewellery retailer's stock debuted on the BSE and NSE on Wednesday with a listing price of Rs 171.
Shares of M.K. Sons Fine Jewels made their debut on the BSE and NSE on Wednesday, November 4, listing at a premium of approximately 6 per cent over the IPO price. According to reports from The Economic Times and Moneycontrol, the stock opened at Rs 171 on the NSE and Rs 171.60 on the BSE, compared to the issue price of Rs 162.
The Rs 275.40-crore public issue included 1.36 crore new shares valued at Rs 220.32 crore and an offer for sale of 34 lakh shares totaling Rs 55.08 crore. The subscription for the issue, which ran from October 28 to October 30, reached 5.09 times. The non-institutional investor category saw 14.12 times subscription, while the retail portion was subscribed 3.08 times and qualified institutional buyers 1.84 times.
The company, which was incorporated in 2012, operates five showrooms across Maharashtra and Gujarat. It specialises in the retail sale of gold, diamond, and CZ jewellery. The firm intends to use Rs 152.8 crore from the fresh issue to establish a new showroom in Maharashtra and expand a location in Gujarat, with Rs 30 crore earmarked for debt repayment.
Narendra Solanki, Head of Fundamental Research at Anand Rathi Shares and Stock Brokers, said investors who were allotted shares may hold them for long-term growth. Sarvam Goel, Founder of Pocketful, suggested that those who did not receive an allotment could monitor the company's performance in upcoming quarters before investing.