Mumbai-based gold jewellery maker Shanti Gold International shares attracted good interest on the bourses on August 1, the debut day, closing with more than 15 percent premium despite the consistent weakness in the equity markets.
The stock started off the day at Rs 227.55 on the National Stock Exchange, up 14.35 percent over the final issue price of Rs 199. It touched an intraday high of Rs 238.36 and low of Rs 227.10, before finishing the session at Rs 229.38, up 15.27 percent with volume of 2.3 crore shares.
On the BSE, Shanti Gold shares saw a 15.18 percent rally, closing at Rs 229.2 with volume of 27.9 lakh shares.
Shanti Gold International recorded a market capitalisation of Rs 1,652.44 crore on its first day of trade.
The 22kt CZ casting gold jewellery maker has raised little more than Rs 360 crore through its initial public offering of 1.8 crore shares at Rs 199 per share. The IPO having an entire fresh issue was opened for subscription during July 25-29.
Hence, the entire IPO proceeds were received by the company. Of the total fresh issue funds, Rs 46.3 crore will be used for setting up its proposed Jaipur facility, Rs 200 crore for working capital requirements, and Rs 17 crore for repaying debt. The reminder funds will be utilised for general corporate purposes.
The IPO was managed by merchant banker Choice Capital Advisors.
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