New Delhi, Nov 4 (PTI) Shares of M K Sons Fine Jewels Ltd on Wednesday listed nearly 6 per cent higher than the issue price of Rs 162.

     The stock started trading at Rs 171.60, a premium of 5.92 per cent from the issue price on the BSE.

     At the NSE, the stock made its debut at Rs 171, up 5.55 per cent.

     The company's market valuation stood at Rs 924.86 crore.

     The initial public offering of M K Sons Fine Jewels Ltd received 5.09 times subscription on the final day of bidding on Friday last week.

     The Rs 275-crore IPO had a price band of Rs 153-162 per share.

     The IPO had a fresh issue of up to 1.36 crore equity shares and an offer-for-sale (OFS) of up to 34 lakh shares by promoter Ramchand Murlidhar Raimalani.

     Proceeds from the fresh issue will be used to set up a new showroom in Maharashtra, expand an existing showroom in Gujarat, repay or prepay certain borrowings and for general corporate purposes.

     Incorporated in 2012, M K Sons Fine Jewels is engaged in designing, manufacturing and retailing fine jewellery. It offers gold, diamond and cubic zirconia (CZ) jewellery through its company-owned stores.

     The company operates five showrooms across Mumbai and Ahmedabad, catering to customers with contemporary and bridal jewellery collections.

(This story has not been edited by THE WEEK and is auto-generated from PTI)
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