MK Sons Fine Jewels shares list at premium on market debut
The jewellery retailer's stock debuted on Wednesday with a listing price of Rs 171.60 on the BSE.
Shares of Mumbai-based MK Sons Fine Jewels made their stock market debut on Wednesday, November 4, listing at a premium. According to Business Today, the stock opened at Rs 171.60 on the BSE Ltd, representing a 5.93 per cent increase over the issue price of Rs 162. On the NSE Ltd, the shares settled at Rs 171, a premium of 5.53 per cent.
The company's initial public offering (IPO) raised a total of Rs 275 crore during the bidding period between October 28 and October 30. The offering consisted of a fresh sale of 1.36 crore shares worth Rs 220.32 crore and an offer-for-sale (OFS) of 34 lakh equity shares worth Rs 55.08 crore.
The IPO was subscribed 5.09 times, with non-institutional investors leading demand by subscribing 14.12 times. The retail portion was booked 3.08 times, while the qualified institutional bidders' (QIB) quota saw 1.84 times subscription.
MK Sons Fine Jewels, incorporated in 2012, retails gold, diamond, and cubic zirconia jewellery through showrooms in Mumbai and Ahmedabad. The company intends to use Rs 152.8 crore of the net proceeds to establish a new showroom in Maharashtra and grow an existing one in Gujarat.
Aryaman Financial Services acted as the book running lead manager for the issue, and Bigshare Services served as the registrar.