Priority Jewels Ltd.’s initial public offering drew robust demand on its final day of bidding Tuesday, capping a strong multi-day subscription run driven by heightened investor appetite.

The retail jewelry company’s public issue, which opened on Friday, Aug. 28, closed to public orders after seeing subscription figures accelerate sharply through its final session. Overall bidding reached 46.73 times the shares on offer by the close of the book-building process, according to exchange data, after sitting at 21.23 times coverage at the end of its second day.

Priority Jewels set the price band for the offering at Rs 190 to Rs 200 per share.

Unofficial trading activity pointed to expectations of a firm debut on the public exchanges. The stock’s grey market premium—an informal indicator of investor sentiment ahead of an official listing—stood at Rs 45 per share on the final bidding day. At the upper end of the price band, the grey market valuation implies a potential listing price of Rs 245 per share, representing a 22.5% premium over the issue price.

Over the past nine sessions, gray market trading for the issue ranged from parity to its high of Rs 45, reflecting steady upward momentum leading into the final hours of the order book.