Manoj Vaibhav Gems shares end on flat note in debut trade

Shares of Manoj Vaibhav Gems N Jewellers Ltd ended on a flat note in its debut trade on Tuesday, against the issue price of Rs 215.The stock got listed at Rs 215 on both the BSE and NSE.During the day, it hit a high of Rs 221.90, up 3.20 per cent from the issue price on the BSE and a low of Rs 210, down 2.32 per cent.

Shares of Manoj Vaibhav Gems N Jewellers Ltd ended on a flat note in its debut trade on Tuesday, against the issue price of Rs 215.

The stock got listed at Rs 215 on both the BSE and NSE.

During the day, it hit a high of Rs 221.90, up 3.20 per cent from the issue price on the BSE and a low of Rs 210, down 2.32 per cent. In a muted trade, shares of the company ended at Rs 215.65 apiece, a marginal gain of 0.30 per cent.

On the NSE, it climbed 3.25 per cent to Rs 222 in intra-day and a low of Rs 210.10, recording a decline of 2.27 per cent. It later ended at par with the issue price.

The company commanded a market valuation of Rs 1,053.40 crore.

The Initial Public Offering (IPO) of Manoj Vaibhav Gems N Jewellers was subscribed 2.25 times last week.

The initial share sale had a fresh issue of up to Rs 210 crore and an offer for sale of up to 28,00,000 equity shares.

The price range for the offer was Rs 204-215 per share.

The company, a regional jewellery brand in South India, has a presence in Andhra Pradesh and Telangana, with 13 showrooms across eight towns and two cities.

The funds raised will be utilised for opening eight new showrooms, inventory for these stores and general corporate purposes.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)