Shares of PC Jeweller on Thursday closed with a gain of more than 10 per cent over its issue price of Rs 135 a share in an overall weak stock market.
After surging 14 per cent during the day, shares of the company finally ended at Rs 149, up 10.4 per cent against the issue price on the BSE.
At the National Stock Exchange, the stock closed at Rs 148.80, up 10.2 per cent after debuting at Rs 137.
The company currently commands a market capitalisation of Rs 2,668 crore. The Rs 609-crore initial public offering (IPO) of PC Jeweller was oversubscribed 6.85 times on the last day of the issue on December 12. The company had fixed the price band of the IPO at Rs 125-135 per share. The issue price was fixed later at Rs 135 a share.
PC Jeweller has 30 showrooms across the country and it plans to open 20 new retail showrooms by utilising funds raised through the IPO.
The company is the second of three stock debuts this week. Rating agency CARE yesterday made a strong debut and closed with a gain of 23 per cent. Bharti Infratel will make its debut tomorrow.