Shares of Deepa Jewellers and Rays of Belief debuted on the bourses on Tuesday, with Deepa Jewellers making a strong debut at a 25 per cent premium to its IPO price, while Rays of Belief listed flat.
Deepa Jewellers shares debuted at ₹221 on the NSE and ₹221.05 on the BSE, compared with its IPO price of ₹177 per share. However, it then declined to trade at ₹201.70 as 10.16 am on the NSE.
Rays of Belief, which operates under the Mom’s Belief brand, made a flat debut at ₹239 on both the NSE and BSE, the same as its IPO price.
Soon after listing, the stock declined to its lower circuit of ₹227.05 on the NSE before trading at ₹234.14 at 10.15 am.
Deepa Jewellers IPO
Listing ceremony of Deepa Jewellers Limited will be starting soon at our exchange . Watch the ceremony live!
— NSE India (@NSEIndia)
The ₹460-crore IPO of Deepa Jewellers was subscribed nearly 43 times on the final day of bidding on Thursday, driven by strong demand across investor categories, particularly institutional buyers.
The portion reserved for non-institutional investors was subscribed 105.96 times, while the quota for qualified institutional buyers received 37 times subscription. The category for retail individual investors was subscribed 18.55 times.
The company raised ₹138 crore from anchor investors, including Motilal Oswal Finvest and WhiteOak Capital Mutual Fund.
The public issue had a price band of ₹168-177 per share and comprised a fresh issue of equity shares worth up to ₹250 crore and an offer-for-sale of over 1.18 crore shares.
Proceeds from the fresh issue will be utilised to fund long-term working capital requirements for procurement, maintenance and scaling up of inventory, besides general corporate purposes.
Rays of Belief IPO
The initial share sale of Rays of Belief received nearly 108 times subscription, led by strong demand from non-institutional and retail investors.
The portion reserved for non-institutional investors was subscribed 279.11 times, while the retail individual investor category received 195.87 times subscription. The quota for qualified institutional buyers was subscribed 9.06 times.
Rays of Belief had raised ₹50 crore from anchor investors. The IPO, carrying a price band of ₹227-239 per share, comprised a fresh issue of up to 52.30 lakh equity shares worth ₹125 crore at the upper end of the price band.
The company plans to use the issue proceeds to fund its expansion, including setting up 319 new centres between fiscal 2027 and 2029. Funds will also be deployed towards capital expenditure, including centre fit-outs, therapy-material inventory and technology hardware.