Shares of Kalyan Jewellers made a weak opening on stock exchanges on Friday, listing at Rs 73.9, a 15 per cent discount over its issue price of Rs 87 per share on the BSE. In a similar trend, the stock opened 17.64 per cent lower at Rs 73.95 on the National Stock Exchange (NSE).
Post listing, Kalyan Jewellers shares were trading 9.54 per cent lower against issue price at Rs 78.70 on the BSE. The shares hit high and low of Rs 79.75 and Rs 73 in trade so far. On the volume front, 10.91 lakh shares have changed hands over the counter on BSE, while market cap stood at Rs 8,163.17 crore.
The equity shares of Kalyan Jewellers India Ltd (Scrip Code: 543278) have been listed and admitted to dealings on the BSE in the list of 'B' group securities.
Kalyan Jewellers has raised Rs 1,175 crore from initial public offering (IPO) which was subscribed 2.61 times. The company has received bids for 24,95,68,044 shares against 9,57,09,301 shares on offer, as per the NSE data. The portion for qualified institutional buyers (QIBs) was subscribed 2.76 times, non-institutional investors 1.91 times and retail individual investors (RIIs) 2.82 times.
The issue, which opened for subscription between March 16-18, has price band of Rs 86-87 per share. The offer comprised a fresh issue of Rs 800 crore which would be used for working capital requirements.
Ahead of IPO, the jewellery maker has raised Rs 352 crore from anchor investors by allocating 4,04,48,275 shares at Rs 87 per piece to 15 anchor investors. The list includes the Government of Singapore, Monetary Authority of Singapore, HDFC Life Insurance Co Ltd, and BNP Paribas Arbitrage.