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The stock traded at a P/E multiple of 84.2, while the price-to-book value ratio stood at 30.86.

The issue comprised fresh issuance of equity shares worth Rs 1,200 crore and an offer for sale (OFS) up to 1.35 crore equity shares. The IPO was priced in the range of Rs 119-126 per equity share.

The midcap and smallcap segments of the stock market have seen significant gains in the past six months, outperforming the Nifty 50 and Sensex benchmarks. An analysis of stocks with a market capitalization of at least Rs 1,000 crore identified 10 companies that have delivered high returns but are still trading below the industry average price-to-earnings (P/E) ratio. These stocks include Suzlon Energy, Kalyan Jewellers India, Amber Enterprises India, Whirlpool of India, DLF, Brigade Enterprises, Godrej Properties, and Chalet Hotels.

Vaibhav Jewellers, one of the earlier entrants in the organised jewellery retail market of Andhra Pradesh, is looking to raise Rs 270 crore via its IPO. Analysts are mixed on the IPO given competitive nature of industry.

The inclusion will begin on June 28, 2024, and extend over 10 months with 1% increments on its index weighting, JPMorgan said, adding that India is expected to reach the maximum weighting of 10%.

At a time when Nifty50 delivered only 2.5% returns post Q1 of the financial year 2024 (1st July - 20th September 2023), several penny stocks have rallied 130-410%.

The stock traded at a P/E multiple of 32.17, while the price-to-book value ratio stood at 0.0.

A total of 232,668 shares changed hands on the counter till 10:25AM (IST)

“The Indian bond market is mature enough to deal with the resultant volatility. I do not think that is an issue at all. Obviously, this is a huge opportunity because it makes borrowing from overseas that much easier, that much more cheaper. It will also help shore up foreign exchange reserves.”

As of 30-Jun-2023, promoters held 51.5 per cent stake in the company, while FIIs held 7.56 per cent and domestic institutional investors had 2.2 per cent.