Deepa Jewellers jumps 25% while Rays of Belief briefly dips
Deepa Jewellers made a splashy stock market entrance on Tuesday, jumping 25% above its IPO price before settling a bit lower.
In contrast, Rays of Belief started out flat and briefly dipped before recovering slightly.
Both companies had plenty of hype leading up to their listings, but their first-day performances couldn't have been more different.
Both IPOs heavily subscribed, different aims
Deepa Jewellers's ₹460-crore IPO was subscribed nearly 43 times: non-institutional investors were especially keen, subscribing 105.96 times. The money raised will help grow inventory and cover business needs.
Meanwhile, Rays of Belief's IPO was even hotter, with nearly 108 times subscription (retail investors alone subscribed 195.87 times), aiming to fund new centers and expansion between fiscal 2027 and fiscal 2029.