Shares of jewellery retail player Senco Gold made a strong market debut on Friday, listing with a premium of 36 per cent, against the issue price of Rs 317.
The stock began the trade at Rs 431, up 35.96 per cent from the issue price on the BSE. Later, it jumped 40 per cent to Rs 443.80.
At the NSE, stock of the company made its debut at Rs 430, a jump of 35.64 per cent.
The company commanded a market valuation of Rs 3,285.15 crore.
The initial public offer (IPO) of Senco Gold was subscribed a whopping 73.35 times on the last day of subscription on Thursday past week, driven by heavy demand from institutional buyers.
The Rs 405-crore IPO had a price range of Rs 301-317 a share.
The Kolkata-based firm has 140 showrooms across 13 states and 63 per cent of them are located in West Bengal. It also sells its products through various online platforms and undertakes wholesale exports of its jewellery, primarily to Dubai, Malaysia and Singapore.
