PC Jeweller shares end up 10.5 percent in debut

MUMBAI Thu Dec 27, 2012 3:46pm IST

1 of 2. A customer looks in a mirror after wearing a gold earring inside a jewellery shop in Hyderabad September 8, 2009.

Credit: Reuters/Krishnendu Halder/Files

Related Topics

Stocks

   

MUMBAI (Reuters) - Shares of PC Jeweller rose as much as 14.6 percent in its stock market debut on Thursday after the company raised 6.1 billion rupees in an initial public offering as investors bet on strong demand for jewellery sales.

Shares in the retailer ended at 149.20 rupees on the NSE, up 10.5 percent from its IPO price of 135 rupees to institutional investors. The shares opened at 137 rupees and rose to as much as 154.70 rupees.

India's domestic jewellery industry is estimated at $45.3 billion and expected to grow to $60 billion in the next two years on the back of rising disposable incomes, according to a recent Aditya Birla Money note to clients.

Gold, a popular investment in India, could contribute 80 to 85 percent of the total of the domestic jewellery market, according to the brokerage.

PC Jeweller sells jewellery through 30 showrooms located across 23 cities in northern and central India.

The retailer, whose IPO was over-subscribed by nearly 7 times, is the second of three stock debuts this week.

Shares in Credit Analysis and Research Ltd (CARE) rose as much as 31.3 percent on Wednesday after raising $98 million in an IPO.

Bharti Infratel will make its debut on Friday after raising around $760 million in an IPO.

(Reporting by Manoj Dharra; Editing by Matt Driskill)

FILED UNDER:

REUTERS SHOWCASE

2015: India Outlook

2015: India Outlook

India in 2014: A dream run for markets  Full Article 

Funding Woes

Funding Woes

Co-founder of SpiceJet seeks time to finalise rescue  Full Article 

Regulating Airfares

Regulating Airfares

India considers temporary cap on airfares - government official  Full Article 

Flying Back on Course

Flying Back on Course

The inside story of the new Airbus A350 jet  Full Article 

Oil Price Forecast

Oil Price Forecast

Oil prices likely to rebound in second half of 2015: poll  Full Article 

Cyber Attacks

Cyber Attacks

China condemns cyberattacks, but says no proof N.Korea hacked Sony  Full Article 

Connecting Markets

Connecting Markets

China stock connect scheme scorecard throws up surprises  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage