NEW DELHI: Shares of Kalyan Jewellers made a tepid debut at the exchanges on Friday. The stock got listed at Rs 73.90 on BSE, a 15.06 per cent discount to its issue price of Rs 87. On NSE, the scrip opened at Rs 73.95, down 15 per cent.
The initial public offering (IPO) of the company was was oversubscribed 2.61 times. Price range for the offer was Rs 86-87 per share.
The IPO received bids for 24,95,68,044 shares against 9,57,09,301 shares on offer, as per the NSE data.
Portion for qualified institutional buyers (QIBs) was subscribed 2.76 times, non-institutional investors 1.91 times and retail individual investors (RIIs) 2.82 times.
The jeweller, backed by US private equity firm Warburg Pincus, said last week it aimed to raise Rs 1,175 crore through the IPO. It plans to use Rs 600 crore of that to fund working capital requirements.
Proceeds from the fresh issue of shares would be utilised for working capital requirements and general corporate purpose.
The Kerala-headquartered company is among the biggest players in the country’s gold and diamond jewellery market, competing with Titan Company Ltd, Tribhovandas Bhimji Zaveri Ltd and others.
Courtesy: TOI
