The strong opening was on expected lines thanks to the robust subscription for its IPO, Senco's strong brand name in eastern India, healthy financials, attractive valuations compared to listed peers, and assetlight franchise model.
The stock started off the first-day first trade at Rs 431 on the BSE, against the issue price of Rs 317 per share.
Analysts had expected Senco Gold to list with a 35-40 percent premium and the grey market premium was 41 percent over the issue price.
This is the first listing in the jewellery industry after Kalyan Jewellers India in March 2021.
The initial public offering of Senco Gold had received an overwhelming response from investors, subscribing over 73 times during July 4-6, the second highest subscription after Ideaforge Technologies in the current calendar year.
This story is from the July 2023 edition of The Art of Jewellery.
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This story is from the July 2023 edition of The Art of Jewellery.
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