Shree Ganesh Jewellery, a kolkata-based exporter of handcrafted gold jewellery which recently came out with an IPO, is presently quoting at Rs. 132/- per share, nearly 50% discount to the issues price of Rs. 260/- per share. In fact, one will be surprised to learn that two years back when Credit Suisse invested in the company, it paid Rs. 160/- per share for buying a 10% stake.
At the current market price, Shree Ganesh Jewellery is available at 5 times full year earnings (expected), compared to 18x for Rajesh Exports, 8x for both Gitanjali Gems and the recently-listed Thangamayil Jewellery.
Shree Ganesh Jewellery is backed by Credit Suisse, which still holds 5.3% stake in the company. The IPO was managed by Axis Bank, ICICI Securities, and Avendus Capital. It received a subscription of 1.96x in total (1.4x in retail).
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