Sunday, April 4, 2010

Shree Ganesh Jewellery IPO - Analysis,Subscription,Allotment,Listing

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Kolkata-based Shree Ganesh Jewellery House, an exporter of handcrafted gold jewellery, plans to tap the capital market through an initial public offer (IPO) to fund expansion plans. Shree Ganesh Jewellery House Limited is one of the largest manufacturers and exporters of handcrafted gold jewellery in India. Company's products include handcrafted and hallmarked jewellery.

the company would invest Rs 150 crore to expand capacity at its jewellery manufacturing units at Mandal Pada and Domjur, besides setting up a modern manufacturing unit at Manikanchan SEZ, in Kolkata. The company intends to set up a two-tonne capacity gold refinery unit with an investment of Rs 5 crore. The unit will recycle gold jewellery.

The issue will open on March 19 and will close on March 23 and the price band is Rs. 260 - Rs. 270.

The IPO got a decent response from investors and got subscribed around 2 times. At the close of the IPO,
QII segment got subscribed by 1.38 times
NII segment got subscribed by 6.12 times
Retail segment got subscribed by 1.39 times

Click here to check if you have been alloted Shree Ganesh shares!

Shares of Shree Ganesh Jewellery House witnessed huge selling pressure on listing day. A share closed at Rs 163.50 on the NSE, at a discount of 37.12% to its issue price of Rs 260. It started the day at Rs 250 and touched an intraday low of Rs 161.75. It traded with volume 3.03 crore shares and saw a turnover of Rs 529 crore. On the BSE, the stock ended at Rs 163.25, after hitting day's high of Rs 258.85 and low of Rs 160.65. It traded with volume of 2.75 crore shares.

Watch this blog for all the details on subscription, allotment and listing!
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