Shringar House of Mangalsutra shares made a healthy stock market debut on September 17 to list at over 14 percent premium over its IPO price after the issue drew 60.29 times subscription between September 10 and 12 in the primary market.
Shares of Rs 401-crore jewellery firm Shringar House of Mangalsutra IPO, were listed at Rs 188.50 per share on the NSE, a premium of 14.24 percent over it's issue price. The company had set a price band of Rs 155 - 165 per share for its issue.
On the BSE, the shares were listed at Rs 187.70 apiece, a premium of 13.76 percent. The company's market capitalization post listing of shares stood at Rs 1,810.03crore
Shringar House of Mangalsutra share listing on Wednesday was almost at par with the expectations in the grey market, which had expected more than 12 percent listing gains in the secondary market. The company had earlier collected Rs 120.18-crore from anchor investors.
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Shivani Nyati, Head of Wealth at Swastika Investmart, said "Investors may book half the profit and hold the rest," she added while explaining the post listing strategy. "The P/E ratio stands at 19.47x, which is considered attractive compared to sector peers," the analyst further said.
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Proceeds from the fresh issue will be utilised for supporting working capital requirements of the company and general corporate purposes.
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