Priority Jewels

The Ticker Tales take

Priority Jewels, set up in 2007, designs, makes and sells lightweight, affordable diamond-studded gold and platinum fine jewellery for large chains and independent retailers. It is a small ₹91.50 Cr mainboard issue at ₹190–200 — one of the smallest on the board recently, so expect a thin free float and choppier trading now that it has listed. Bidding closed on 1 Sep heavily oversubscribed at 100.45×, led by wealthy investors ~166.49× and retail ~106.76×, with institutions ~39.87×. Our call was Strong Subscribe on an expected pop of roughly 29%. It listed on 4 Sep at ₹230 on NSE (+15.0%) and ₹225 on BSE (+12.6%), then firmed through the day to close at ₹241.50 (+20.8%). Applicants are comfortably in profit and the direction was right, though our number still ran about eight points above the day-one close — the grey market, which had halved from ~22.5% on the closing day to ~12%, was the better guide.