Shares of Motisons Jewellers Ltd. listed on the National Stock Exchange on Tuesday at Rs 109 apiece, a premium of 98% over its issue price of Rs 55 apiece.
On the BSE, the stock debuted at Rs 103.90 apiece, a premium of 88.91%.
The shares ended at a premium of 83.96% over the IPO price, although it declined 2.62% from its listing price to end at Rs 101.18 apiece on the BSE.
The Rs 151.1-crore initial public offering was subscribed 159.61 times on its third and final day. The bids were led by non-institutional investors (233.91 times), followed by institutional investors (157.4 times) and retail investors (122.28 times).
Post the stellar opening, Joint Managing Director Laksh Chhabra said Motisons Jewellers has plans to expand into different geographical areas in Rajasthan, with more focus on tier-3 cities.
"We will introduce more modern jewellery. We will introduce different types of jewelleries in our portfolio... as we are trying to increase that number," Chhabra said.
He sees good growth for the company with the changing demand.
The Jaipur-based jeweller's IPO received the second highest subscription this year at 159.6 times the shares on offer, behind only Plaza Wires Ltd.
The company plans to use proceeds from its public issue for working capital requirements and to bump up its inventory, with an aim to diversify its product offerings.
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