India's Shankesh Jewellers rises in trading debut; valued at $151.8 million
BUZZ-India's Shankesh Jewellers rises in trading debut; valued at $151.8 million ** Shares of Shankesh Jewellers SANW.NS list at 103.3 rupees; 6.1% above IPO share price of 93 rupees
** Stock last traded at 98.8 rupees, valuing co at 14.53 billion rupees ($151.82 million)
** While co's company’s strong financial performance supports its growth positioning, key concern is that the business operates in a working-capital-intensive jewellery industry, with debt/equity at around 0.8x and profitability partly benefiting from favourable inventory gains amid elevated gold prices - - Shivani Nyati, Head of Wealth at Swastika Investmart
** Remain positive on the business and medium-term growth prospects, but investors should avoid aggressive buying immediately after the listing; fresh investors should consider entering on meaningful dips rather than chasing the stock at current levels - Nyati
** IPO was subscribed 2.8 times
($1 = 95.7075 Indian rupees)
(Reporting by Mridula Kumar in Bengaluru)