Motisons Jewellers sees stock jump over 98% during first trade

Jaipur-based find jewellery business Motisons Jewellers saw its stock jump by 98.34% compared to its issue price as it launched on the Bombay Stock Exchange following its recent initial public offering. The brand’s stock was also up by 98.18% on the National Stock Exchange. 

Motisons Jewellers’ stock debuted on the Bombay Stock Exchange priced at Rs 103.9 which was 88.9% higher than its IPO issue price of Rs 55, the Press Trust of India reported. The business’ stock then rose to Rs 109.9 per share on the BSE, bringing its price increase to 98.34% on December 26.
 
The business’ stock made its debut on the National Stock Exchange at Rs 109 on Tuesday. During the early trade of the day, Motisons Jewellers’ market valuation totalled Rs 994.3 crore, India Retailing reported. 

Motisons Jewellers’ IPO ran from December 18 to 20. The business had also raised Rs 36.3 crore from anchor investors through an equity share sale before launching the IPO. For its pre-IPO anchor investor fundraising, Motisons Jewellers had allotted 66 lakh equity shares to two funds with each share priced at Rs 55, the Press Trust of India reported. This was the upper end of the price band for the IPO. 
 
The business’ IPO was subscribed by 159.61 times on the last day of its share sale. The IPO was an entirely fresh issue of 2.74 crore equity shares and contained no offer for sale.