Golden Debut: Shanti Gold International Shares Shine Bright
Shanti Gold International Ltd debuted on the stock market with a 15% premium over its issue price, valuing the company at Rs 1,679.84 crore. The IPO, which had an 80.80 times subscription, raised Rs 360 crore. Funds will support a Jaipur facility and other corporate needs.
- Country:
- India
Shares of Shanti Gold International Ltd made a remarkable debut on the stock market, listing with a premium of over 15% compared to the issue price of Rs 199.
On Friday, the company's stock commenced trading at Rs 229.10 on the BSE, reflecting a 15.12% increase from the issue price.
Meanwhile, on the NSE, the stock rose by 14.34% to Rs 227.55 during the opening trade, bringing the company's market valuation to an impressive Rs 1,679.84 crore.
Shanti Gold's initial public offering (IPO) garnered an extensive 80.80 times subscription by the closing day of bidding on Tuesday, showcasing strong investor interest.
The IPO featured a price band of Rs 189-199 per share and successfully raised Rs 360 crore as an entirely fresh issue comprising 1.81 crore shares, with no offer-for-sale component.
The proceeds from the issue are earmarked for establishing a new facility in Jaipur, augmenting the company's incremental working capital requirements, repaying debt, and addressing general corporate purposes.
Shanti Gold International Ltd is renowned for its expertise in designing and producing a wide array of gold jewellery, solidifying its reputation in the market.
(With inputs from agencies.)
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