Vedant Fashions, which owns the ethnic wear brand Manyavar, on Wednesday made a decent debut on the bourses with its shares ending with gains of around 9 per cent over the issue price.

Shares of the Calcutta-based company opened at Rs 936 on the BSE — a premium of 8 per cent over its issue price of Rs 866 and hit a high of Rs 993. The stock closed at Rs 934.85.

On the NSE, the share debuted at Rs 935 and ended at Rs 943.05 — a gain of around 9 per cent over the issue price.

The Rs 3,150-crore IPO, which had opened for subscription on February 4 and closed on February, was subscribed three times. The float came in a price band of Rs 824-866 per share, with investors offered 17 shares and multiples thereof.

The offering received mixed reviews from analysts with some questioning its expensive valuations.

“We assign avoid rating to this IPO as the issue is aggressively priced and the valuations are not in favour of investors,’’ analysts at Marwadi Shares and Finance had said in a note.

The Manyavar brand is a category leader in the branded wedding and celebration wear market. The company has also been focussing on establishing its presence in the premium and value segments through brands such as Twamev and Manthan, respectively, and in the women’s market through its Mohey brand.

It had also bought the Mebaz in 2018, a regional brand .

The company said it had a retail footprint of 1.2 million square feet covering 535 exclusive brand outlets, which included shop-in-shops across 212 cities and towns in India and 11 outlets overseas in the US, Canada and the UAE.

Vedant Fashions is the third company to list in 2022 after AGS Transact Tech and Adani Wilmar.

Market benchmarks, meanwhile, closed in the red after a highly volatile session on Wednesday. The 30-share Sensex swung nearly 800 points before closing at 57,996.68 — marking a loss of 145.37 points .