Advit Jewels made a bumper stock market debut on July 1 after its initial public offering (IPO) attracted strong subscription, with the listing broadly in line with grey market expectations.
Advit Jewels IPO Listing: Rambhajo Shares Glitter On Debut, List At 37% Premium
Advit Jewels IPO Listing: Rambhajo shares made a glittering debut on the stock exchanges, listing nearly 37 per cent above their issue price after the IPO drew overwhelming investor demand. Read on to find out how the stock listed on the NSE and BSE
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The Jaipur-based jewellery maker listed at Rs 188.90 per share on the NSE, a premium of 36.88 per cent over its issue price of Rs 138. On the BSE, the stock debuted at Rs 187 apiece, up 35.51 per cent from the issue price.
The shares were listed under the trading symbol RAMBHAJO on the NSE in the BE series, where they will trade in the trade-for-trade segment as the issue size was below Rs 250 crore. On the BSE, the stock was admitted to dealings in Group T.
Ahead of listing, the IPO commanded a grey market premium (GMP) of around Rs 49.50, implying an expected listing price of Rs 187.50, or a gain of 35.87 per cent over the issue price. The actual listing was largely in line with those expectations.
This is a developing story...
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