M K Sons Fine Jewels made a firm debut on exchanges. The stock was listed at Rs 171 on the NSE, which is a premium of 5.6 per cent. On the BSE, the stock was listed at Rs 171.60, a premium of 5.93 per cent to the issue price.
The company had set the issue price at Rs 162 per equity share.
The company raised a sum of Rs 275.40 crore via a combination of 1.36 crore fresh shares amounting to Rs 220.32 crore and an offer for sale of 34 lakh shares totaling Rs 55.08 crore. The company opened IPO bidding on October 28 and closed on October 30. The allotment for the IPO was finalised on November 2.
M K Sons Fine Jewels shares fetched a grey market premium (GMP) of 7.1 per cent to the issue price, changing hands at Rs 173.5 per share. Over the last 4 sessions, the IPO GMP has fluctuated a lot, with the overall movement remaining in the range of Rs 5.5 to Rs 11.5.
M K Sons Fine Jewels IPO: BRLM and registrar
About M K Sons Fine Jewels
M. K. Sons Fine Jewels is engaged in the retail sale of gold, diamond, and CZ jewellery through its showroom network across Mumbai and Ahmedabad.
Incorporated in 2012, the company offers rings, necklaces, bangles, earrings, bracelets, Mangalsutras, solitaires, bridal jewellery, and customised jewellery under multiple collections such as Pavitra, Rivaaz, Sitaare, NAQSH, Sunhere, and One & Only.
Sparsh Bansal is the Chief Copy Editor with ET Now Digital. He writes extensively on equity markets, IPO, with a passion for financial markets and a sharp eye to detect patterns, I extensively cover IPOs, stock movements, and investment strategies that shape India’s economic landscape.
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Before ET Now Digital, Sparsh worked as a Correspondent with Financial Express. He started his career with Informist Media as a Reporter. He holds a Post Graduate Diploma in Business and Finance Journalism from Asian College Journalism – Bloomberg, and a Bachelor’s degree in Journalism and Mass Communication from the Noida International University.