Renaissance Jewellery settled at Rs 164.80 on BSE, a premium of 9.87% compared to IPO price of Rs 150. The counter saw volumes of 51.50 lakh shares on BSE.

The stock debuted at Rs 190, a premium of 26.67% over issue price of Rs 150. The stock hit a high of Rs 200 and low of Rs 163.

Renaissance Jewellerys initial public offer (IPO) ended with 23.63 times subscription. The company had priced the IPO at the top end of the Rs 125 and Rs 150 price band.

Renaissance Jewellery has two manufacturing units at Seepz special economic zone in Mumbai and an export oriented unit at Bhavnagar in Gujarat. It also has subsidiaries having units in MIDC, Andheri and in Mumbai.

The main object of the IPO was to part finance the capacity expansion programmes at its Bhavnagar and Mumbai units and to invest in its foreign subsidiary.

The company posted net profit of Rs 3.93 crore on sales of Rs 91.25 crore in Q1 June 2007.

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