Kalyan Jewellers got listed on the bourses today and there wasn’t much sparkle as such though the markets had recovered. The issue as such did not get a great response and that reflected in its listing.

As against the IPO price of Rs.87, the stock got listed on the BSE at Rs.73.90 and on the NSE at Rs.73.95.

The Rs 1,175 crore issue, which was sold between March 16 and 18, was subscribed 2.61 times. The retail investors subscribed slightly better than QIBs at 2.82 times while QIBs portion was at 2.76 times. HNIs subscribed 1.91 times.

In our New Issue Analysis, we had concluded, “Company has a lot of financial ground to cover to come close to Titan. Thus, on weaker fundamentals and aggressive pricing, we assign an ‘avoid’ to the IPO.”