Priority Jewels Ltd. made a decent debut on the stock market on Friday, listing at a premium to its IPO price. The stock opened at Rs 230 on the NSE which is a 15% rise from the IPO price of Rs 200. On the BSE, it began trading at Rs 225 per share which marks a 12.60% premium.
The initial share sale of Priority Jewels Ltd. received 100.45 times subscription on the final day of bidding on Tuesday. The Rs 91.50-crore initial public offer (IPO) attracted bids for 32,16,91,275 shares against 32,02,500 shares on offer, as per NSE data.
The category for non-institutional investors garnered 166.49 times subscription. The quota for retail investors was subscribed 106.76 times, and qualified institutional buyers (QIBs) received 39.87 times subscription. The initial share sale of Priority Jewels Ltd received 1.93 times subscription on the first day of bidding on Friday.
Priority Jewels Ltd received 29.03 times subscription on the second day of bidding. The company's IPO received bids for 9,29,66,850 shares against 32,02,500 shares on offer, according to NSE data.
The category for non-institutional investors garnered 42.32 times subscription, while the quota for retail investors was subscribed 38.96 times. The portion for Qualified Institutional Buyers (QIBs) received 1.68 times subscription.
Priority Jewels Ltd. raised Rs 27.5 crore from four anchor investors, including WhiteOak Capital and Sanshi Fund-I. The IPO comprises a fresh issue of up to 45.75 lakh equity shares, aggregating to Rs 91.50 crore at the upper end of the price band.
Mefcom Capital Markets Ltd is the book-running lead manager to the IPO.
About The Company
Based in Mumbai, Priority Jewels are engaged in designing, manufacturing and selling a wide range of lightweight, affordable diamond-studded gold and platinum fine jewellery. Over the years, they have expanded their presence across 21 states and 3 Union Territories in India and exported their products to 13 countries worldwide, including the United States, UAE, Hong Kong and Norway.
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