Kalyan Jewellers' IPO sees muted demand; Nazara gets overbooked

Response to the three initial public offerings (IPOs) has been a mixed bag so far. 

Kerala-based gold retailer Kalyan Jewellers’ maiden offering, which closed on Thursday, managed to garner subscription of just 2.64x. 

Meanwhile, the IPO of gaming company Nazara Technologies was subscribed more than 10x. Suryoday Small Finance Bank, too, has received muted response so far. 

Both Nazara and Suryoday issues will close on Friday. 

This has been a busy week for IPOs with six issues raising a cumulative Rs 4,524 crore.

Analysts said Kalyan’s weak performance in the previous three financial years coupled with slowdown in the economy weighed on investor sentiment. 

On the other hand, investors are attracted towards the Nazara IPO, given the rare investment opportunity in an online gaming and tech-education firm.