Luxury Time Makes Impressive Debut on Stock Market with 90% Premium

Luxury Time's Successful IPO Debut

Luxury Time, a leading distributor of luxury Swiss watches and watch-related tools, made a remarkable debut on the stock market on December 11. The company's shares listed at Rs 155.80 per share on the BSE SME platform, marking a 90 percent premium over the initial public offering (IPO) price of Rs 82 per share.

Market Capitalization and Listing Details

Luxury Time debuted with a market capitalization of nearly Rs 129 crore. The listing premium, although slightly lower than grey market estimates, demonstrates strong investor interest in the company. Ahead of listing, the unlisted shares were trading with a 120.73 percent grey market premium (GMP) over the IPO price.

IPO Overview

Luxury Time had launched its IPO earlier this month to raise Rs 18.74 crore through a fresh issue of shares worth Rs 15 crore and an offer for sale (OFS) of shares worth Rs 3.74 crore by existing investors. The company had set a price band of Rs 78-82 per share for the IPO, with investors able to bid for a minimum of 1,600 shares.

Investor Interest and Subscription Numbers

The IPO saw strong investor interest, being subscribed 554 times during its three-day public bidding period. Retail investors took the lead, booking their allotted quota more than 860 times. The portions kept for non-institutional investors (NII) and qualified institutional buyers (QIB) were subscribed 402.47 times and 205.58 times, respectively.

Future Plans and Expansion

Luxury Time aims to spend Rs 2.8 crore of the fresh issue proceeds on setting up 4 new retail stores, Rs 9 crore for working capital requirements, and the remainder for general corporate purposes. With over 70 points of sale (POS) across India and two service stores in Mumbai and Delhi, the company is well-positioned for growth and expansion in the luxury watch market.

As an exclusive authorized distributor in India for TAG Heuer, Zenith, Bomberg, and Exaequo, Luxury Time is poised to capitalize on the growing demand for luxury watches and watch-related products. With its successful IPO debut, the company is set to take its business to the next level and establish itself as a leading player in the Indian watch market.