M K Sons Fine Jewels shares end largely unchanged after debut at 6 pc premium

New Delhi, Nov 4 (PTI) Shares of M K Sons Fine Jewels Ltd on Wednesday ended largely unchanged after a positive debut on the stock exchanges.

The stock opened at Rs 171.60 apiece, at a premium of 5.92 per cent from the issue price of Rs 162, on the BSE. It hit the day’s high of Rs 174.90, up 7.96 per cent from the issue price. However, the stock failed to build momentum and ended at Rs 162.20, marginally higher by 0.12 per cent.

At the NSE, the stock made its debut at Rs 171, up 5.55 per cent. But it failed to sustain initial gains and ended at Rs 162.20.

The company’s market valuation stood at Rs 913.04 crore on the BSE.

The initial public offering of M K Sons Fine Jewels Ltd received 5.09 times subscription on the final day of bidding on Friday

last week.

The price band for the Rs 275-crore IPO was fixed at Rs 153-162 per share.

The IPO was a combination of a fresh issue of up to 1.36 crore equity shares and an offer-for-sale (OFS) of up to 34 lakh shares by promoter Ramchand Murlidhar Raimalani.

Proceeds from the fresh issue will be used to set up a new showroom in Maharashtra, expand an existing showroom in Gujarat, repay or prepay certain borrowings and for general corporate purposes.

Incorporated in 2012, M K Sons Fine Jewels is engaged in designing, manufacturing and retailing fine jewellery. It offers gold, diamond and cubic zirconia (CZ) jewellery through its company-owned stores.

The company operates five showrooms across Mumbai and Ahmedabad, catering to customers with contemporary and bridal jewellery collections. PTI SUM HVA SHM