made a strong stock market debut on Wednesday, with its shares listing at a sharp premium after the company’s initial public offering (IPO) attracted robust demand across investor categories.
On the NSE, the stock debuted at ₹188.90, a premium of 36.88 per cent over the issue price of ₹138 per share. On the BSE, the stock listed at ₹197, reflecting a premium of 35.5 per cent.
The strong listing followed overwhelming investor interest in the ₹165.16-crore IPO, which was subscribed
The IPO received bids for 1,78,16,51,400 shares, against 83,79,300 shares on offer, according to NSE data.
Among investor categories, the non-institutional investor (NII) portion was subscribed 536.38 times, while the qualified institutional buyers (QIB) quota was booked 174.98 times. The retail investor category was subscribed 95.30 times.
Ahead of the public issue, Advit Jewels raised ₹49.52 crore from anchor investors.
The company had fixed a price band of ₹130-138 per share for the IPO. It comprised entirely a fresh issue of 1.20 crore equity shares, with no offer-for-sale (OFS) component.
The company plans to utilise the proceeds for repayment of borrowings worth ₹65 crore, funding working capital requirements of ₹65 crore and general corporate purposes.
Advit Jewels is engaged in the manufacturing and sale of traditional and contemporary handcrafted fine jewellery. The company markets its products under the ‘Rambhajo’ brand and specialises in customised Kundan, Polki, diamond and studded jewellery.