Shankesh Jewellers Shares Surge 11% in Market Debut

New Delhi: Shares of Shankesh Jewellers Ltd on Tuesday climbed 11 per cent in market debut trade against the issue price of Rs 93.

The stock listed at Rs 102.20, up 9.89 per cent from the issue price on the BSE.

At the NSE, it started trading at Rs 103.30, a premium of 11 per cent.

The company’s market valuation stood at Rs 1,517.81 crore.

The initial share sale of Shankesh Jewellers Ltd received 2.80 times subscription on the final day of bidding on Thursday last week.

The company’s Rs 367 crore IPO had a price band of Rs 88-93 per equity share.

The IPO had a fresh issue of up to 2.95 crore equity shares and an Offer For Sale (OFS) of up to 1 crore equity shares.

Proceeds from the fresh issue will be used for repayment or pre-payment of borrowings, funding working capital requirements and general corporate purposes.

(Disclaimer: Except for the headline, this article has not been edited by HDFC Sky editorial team and is auto-generated from PTI feed.)