Thangamayil Jewellery had a tepid debut today on the bourses. The stock listed at Rs 75.70, barely above its issue price of Rs 75. On BSE, the share listed at Rs 70, discount of 6 per cent over its issue price. The company had come up with an IPO in January priced in a band of Rs70-75. The issue was subscribed 1.12 times.
The company will use issue proceeds for expansion of existing business by establishing retail outlets at Tuticorin, Dindigul, Theni, Nagercoil, Tirunelveli, Kovilpatti and Sivakasi, and for renovation of the existing outlet at Madurai; working capital requirement and issue expenses. It is one of the leading jewellery retailers in Madurai and trades in gold jewellery, diamond and platinum jewels. It has introduced the hallmarking practice for the first time in Madurai.
The scrip touched a high of Rs 82 and a low of Rs 70. It was trading at a price of Rs 72.15 on NSE at 11.48 hrs.
