Utssav Cz Gold Jewels shares debuted at ₹110.05 on NSE SME, slightly above the ₹110 issue price. Subsequently, shares rose 5%, reaching the price band limit, though market expectations were higher due to subscription and Grey Market premiums.
The Utssav Cz Gold Jewels IPO was subscribed 47.58 times overall by August 2, 2024 (Day 3), with 46.71 times in the retail category, 36.43 times in the QIB category, and 64.47 times in the NII category.
Established in 2007, Utssav CZ Gold Jewels Limited designs, manufactures, and exports lightweight 18K, 20K, and 22K CZ gold and rose gold jewelry, including rings, earrings, and pendants. Specializing in high-quality cubic zirconia, the Mumbai facility spans 8,275 sq. ft., produces 1,500 kg annually, and serves clients in 17 states, two union territories, and internationally.
The objective of Utssav Cz Gold Jewels Limited’s IPO is to raise capital for business expansion, enhance working capital, and support general corporate purposes, including debt repayment and funding new projects.