Shares of India's PC Jeweller Ltd rose as much as 14.6 percent in its stock market debut on Thursday after the company raised 6.1 billion rupees ($111.20 million) in an initial public offering as investors bet on strong demand for jewellery sales.
Shares in the retailer were trading at 153.65 rupees as of 0905 GMT, up 13.8 percent from its IPO price of 135 rupees to institutional investors. The shares opened at 137 rupees and rose to as much as 154.70 rupees.
India's domestic jewellery industry is estimated at $45.3 billion and expected to grow to $60 billion in the next two years on the back of rising disposable incomes, according to a recent Aditya Birla Money note to clients.
Gold, a popular investment in India, could contribute 80 to 85 percent of the total of the domestic jewellery market, according to the brokerage.
PC Jeweller sells jewellery through 30 showrooms located across 23 cities in northern and central India.
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