Priority Jewels shares list at 15 per cent premium on debut; hits upper circuit

Representational Image. File pic.

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

The stock opened at Rs 230 on the NSE, marking a premium of 15 per cent over the issue price. On the BSE, it made its debut at Rs 225.20, reflecting a 12.6 per cent premium.

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

At these levels, the company's market valuation stood at Rs 434.70 crore on the NSE and Rs 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 Rs 27.5 crore from four anchor investors, including WhiteOak Capital and Sanshi Fund-I.

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

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

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