Tara Jewels has listed at Rs 242, a 5.2% premium against its issue price of Rs 230 per share on the Bombay Stock Exchange (BSE). The stock hit a high of Rs 245 and low of Rs 238 so far. A combined 522,036 shares have changed hands on the counter on the BSE and NSE.
The Mumbai-based jewellery manufacturer and retailer had raised Rs 180 crore through the initial public offers (IPO). The issue price was fixed at higher end of price band of Rs 225-230 a share.
The company proposed to use the net proceeds of issue for expenses of establishing retail stores and payment of loans. The company intended to launch 20 project stores across India by March 31, 2013.
