Utssav Cz Gold Jewels hits 5% upper circuit after flat listing; check details

Utssav Cz Gold Jewels Limited made a tepid debut on stock exchanges, with its shares listing marginally up at ₹110.05 per share on the NSE SME platform, Emerge, on Wednesday, August 7.

The Mumbai-based jewellery designer and manufacturer had set the issue price at ₹110 per share.

According to exchange data, shares of the company started trading at ₹110.05 per share. The stock later gained some momentum to hit the 5% upper circuit limit of ₹115.55 per share on the NSE.

Shares were trading at ₹115.55 per share, up by 5% over the listing price at 11:30 am.

More than 15 lakh shares of the company changed hands in the first 10 minutes of trade. The traded value was ₹ 17.18 crore, and the market valuation stood at ₹269.14 crore.

Last week, Utssav Cz Gold Jewels raised ₹69.50 crore via its public issue. The IPO of Utssav Cz Gold Jewels was open for subscription from July 31 to August 2, 2024. The public offer comprised a fresh issue of 63.18 lakh shares.

The price band for the book-built issue was fixed at ₹104 to ₹110 per share. The minimum lot size was 1,200 shares. Choice Capital Advisors Pvt Ltd is the book-running lead manager, and Bigshare Services Pvt Ltd is the IPO registrar.

According to exchange data, Utssav Cz Gold Jewels IPO was booked more than 47 times on the final day of bidding on August 2. Applications for 19.98 crore shares worth ₹2,198 crore were received against 42 lakh shares on offer.

The qualified Institutional Buyers’ portion was booked 36.43 times. The non-Institutional Investors’ (NIIs) quota was booked 64.47 times, while the retail Investors quota was subscribed 46.71 times.

The company raised ₹19.8 crore from anchor investors. It allotted 18,00,000 shares at a price of ₹110 to 13 fund schemes.

Utssav Cz Gold Jewels is involved in designing, manufacturing, wholesaling and exporting of 18Karat 20Karat and 22Karat CZ Gold jewellery. The company manufactures and offers a wide collection of products such as Rings, Earrings, Pendants, Bracelets, Necklaces, Watches and Brooches.

The company reported revenue from operations of ₹275.95 crore in the period ended January 31, 2024. It reported revenue of ₹238.18 crore for the year ended March 31, 2023.