Rikhav Securities IPO, Kabra Jewels IPO Make Mega Listings On Bourses; Details Here

Shares of Rikhav Securities Ltd. and Kabra Jewels Ltd. made a blockbuster market debut, listing at a premium of 90% each. While Rikhav Securities shares listed at Rs 163.40 on the BSE SME, those of Kabra Jewels made their debut at Rs 243.20 apiece on the NSE SME.

Investors of Rikhav Securities IPO made a gain of Rs 1,23,840 against their investment of Rs 1,37,600 following the listing of its shares. Meanwhile, investors in Kabra Jewels will take home a profit of Rs 1,15,200 against their investment of Rs 1,28,000.

The stocks continued their strong momentum after the premium listing and were locked in a 5% upper circuit. Shares of Rikhav Securities Ltd. touched an intraday high of Rs 171.57 apiece on the BSE whereas Kabra Jewels stocks surged to a high of Rs 255.35 apiece on the NSE.

Ahead of the listing, Rikhav Securities IPO GMP (Grey Market Premium) was Rs 96, indicating a premium of 111.63%, according to InvestorGain. The anticipated listing price of the issue was Rs 182 on the BSE.

Meanwhile, Kabra Jewels IPO GMP stood at Rs 123 just before the listing, projecting a premium of 96.09%. GMP trends projected Kabra Jewels shares would likely list at Rs 251 apiece on the NSE SME.

Note: GMP or grey market price is not an official price quote for the stock and is based on speculation.

The Rs 88.82-crore Rikhav Securities IPO was open between Jan. 15 and Jan. 17. The BSE SME issue was subscribed 307 times across all investor categories.

Qualified institutional buyers (QIBs) subscribed the shares allocated to them 170.92 times, while non-institutional investors (NIIs) bid 616.42 times their portion. The retail investor category was oversubscribed 251.36 times.

Rikhav Securities IPO was a combination of a fresh issue of 83.28 lakh shares worth Rs 71.62 crore and an offer for sale of 20 lakh shares worth Rs 17.2 crore. The price band was set at Rs 82 to Rs 86 per share. 

The company will use the IPO proceeds for working capital needs, and capital expenditure to buy IT equipment and for general corporate purposes.

Kabra Jewels IPO was an NSE SME issue that was open for bidding from Jan. 15 to Jan. 17. The public offer was an entirely fresh issue of 31.25 lakh shares worth Rs 40 crore.

Over the three days of bidding, the issue saw mega demand from investors, getting oversubscribed by 356.02 times. NIIs led the demand, bidding 556.9 times the shares offered to them, while retail investors subscribed their portion 384.9 times. The QIB category was booked 154.53 times.

Kabra Jewels IPO price band was set between Rs 121 and Rs 128 per share, with a minimum investment requirement of 1,000 shares.

The company will use the proceeds of the IPO to clear its debts and meet working capital requirements. Part of the proceeds will also be used for general corporate purposes.

Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read red herring prospectus thoroughly before placing bids.