Motisons plans to utilise the funds raised through the IPO to repay debts and fund its working capital requirements
Motisons Jewellers made a strong debut on the bourses on Tuesday, while stocks of Suraj Estate Developers and Muthoot Microfin ended the session at a discount to their issue price.
Motisons Jewellers opened the session at Rs 104, an 89 per cent premium to its issue price.
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The stock ended the session at Rs 101.2, an 84 per cent gain.
Post listing, the company has a market capitalisation of Rs 996 crore.
The Rs 151 crore initial public offering (IPO) saw subscriptions worth 173 times.
The company priced its issue between Rs 52 and Rs 55 per share.
The company raised Rs 36 crore from anchor investors.
Motisons plans to utilise the funds raised through this IPO to repay debts and fund its working capital requirements.
Meanwhile, Suraj Estate Developers made a tepid debut on the bourses. The stock was listed at Rs 343.8, a decline of 4.5 per cent and ended the session at Rs 334.3 a drop of 7 per cent. The Rs 400 crore IPO was subscribed 16.5 times.
Suraj Estate is a real estate developer focusing on projects in the South Central Mumbai region.
It focuses on value luxury, luxury, commercial segments and redeveloping tenanted properties.
Since the company's inception in 1986, it has completed 42 projects and 13 ongoing projects.
The stock of Muthoot Microfin, which had the biggest issue size amongst the three listed firms on Tuesday, ended its debut session at an 8.5 per cent discount.
The Rs 960 crore IPO comprised a fresh issue portion of Rs 760 crore and an offer for sale of Rs 200 crore. The IPO was subscribed 12.3 times.
A part of the Muthoot Pappachan Group, Muthoot Microfin focuses on providing microloans to female customers.
According to a CRISIL report, Muthoot Microfin is India's fifth largest non-banking finance company and microfinance institution regarding the gross loan portfolio as of March 31, 2023.
As of September 30, 2023, the company has 3.19 million active customers across 1,340 branches in 339 districts in 18 states and union territories in India.
"A subscription that is 10-12 times is considered tepid in this market. An issue has to be subscribed at least 50x to garner good listing gains,' an analyst said.