Manoj Vaibhav Gems IPO lists on BSE and NSE, experts anticipate positive debut

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Manoj Vaibhav Gems IPO lists on BSE and NSE, experts anticipate positive debut
Credit: © Reuters.

Manoj Vaibhav Gems 'N' Jewellers Limited, a hyperlocal jewelry brand from India, listed its shares on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) on Tuesday. The initial public offering (IPO) of the firm was fixed for October 3, 2023, with shares listed and admitted to dealings on the BSE in the 'B' group of securities.

The company's shares were available for trade from 10:00 AM Tuesday after a special pre-open session at around 9:45 AM. The firm is recognized for its strong presence in Andhra Pradesh and Telangana, with one outlet in Vishakhapatnam generating an annual business of ₹1350 crore. This single outlet has been sufficient to keep the company profitable.

Market observers and stock market experts have predicted a positive debut for Manoj Vaibhav Gems shares. The shares were expected to open at a premium of around ₹5 to ₹8 per share. This prediction was supported by grey market trends, where shares of the company were available at a premium of ₹5 per share today.

Arun Kejriwal, Founder at Kejriwal Research and Investment Services, commented on the listing, "As its business network is mainly in the coastal region, where wealth is not an issue for the local residents, [the] company is expected to reap local business as it has been reaping for years." He also added that much would depend on how the company performs post-listing.

In terms of Manoj Vaibhav Gems IPO listing price prediction, Avinash Gorakshkar, Head of Research at Profitmart Securities said that in a bullish scenario, the share price may list at around ₹230 apiece levels whereas in a bearish case, it may list at around ₹220 apiece levels.

According to market observers, shares of Manoj Vaibhav Gems 'N' Jewellers Limited were available at a premium of ₹5 in the grey market today, suggesting that the IPO listing price could be around ₹220 per share.

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