Kabra Jewels shares listed on the stock exchange with a premium of 90 percent on January 22. The SME issue attracted solid demand from investors in the primary market and concluded with 310.79 times subscription on January 17.
The shares of the Ahmedabad-based jewellery retailer Kabra Jewels Limited listed at Rs 243.2 per share on the NSE Emerge platform, at a strong premium of 90 percent over its issue price.
The public issue began on January 15 to raise Rs 40 crore from the capital markets on a price band of Rs 121-128 per share. Earlier, it raised Rs 10.87 crore by allotting 8.49 lakh shares to anchor investors on January 14.
Kabra Jewels IPO bought 310.79 times on final day; check GMP, listing date
On the day of the listing, the shares were commanding a grey market premium of over 90 percent in the unregulated market. Investorgain quoted a GMP of Rs 123 for the shares of the company, indicating a listing gain of over 90 percent in the unofficial market.
The company manufactures gold, diamond, and silver ornaments. The entire issue proceeds (excluding offer expenses) will be utilised mainly for repaying debt, working capital requirements, and general corporate purpose.
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