Priority Jewels Shares Debut At 15% Premium, Hit Upper Circuit On Strong Demand

Shares of Priority Jewels made a stellar debut on the stock exchanges on Friday, listing at a premium of 15% over their issue price of ₹200 before extending gains to hit the upper circuit limits.

The stock opened at ₹230 on the NSE, marking a premium of 15% over the issue price.

On the BSE, it made its debut at ₹225.20, reflecting a 12.6% premium.

The shares later climbed 20.75% and 18.23% from the issue price to hit their upper circuit limits of ₹241.50 and ₹236.45, apiece on the NSE and BSE, respectively.

At these levels, the company's market valuation stood at ₹434.70 crore on the NSE and ₹425.61 crore on the BSE.

The strong debut came after robust investor appetite for the company's initial public offering, which was subscribed 100.45 times on the final day of bidding on Tuesday.

Priority Jewels had raised ₹27.5 crore from four anchor investors, including WhiteOak Capital and Sanshi Fund-I.

The public issue was offered in a price band of ₹190-200 per share and comprised an entirely fresh issue of up to 45.75 lakh equity shares, aggregating to ₹91.50 crore at the upper end of the price band.

Mefcom Capital Markets is the sole book-running lead manager to the IPO.