IPO listing gains drying up: Days of making easy money got over? NEW DELHI: Two stocks – Kalyan Jewellers and Suryoday SFB – made weak market debuts on Friday, listing at up to 15 per cent discount to their issue prices. On Thursday, debutant Craftsman Automation got listed at a 9 per cent discount. The day before, it was Anupam Rasayan, which too made a poor debut on Dalal Street.This, when some of these IPOs received 'subscribe' ratings for listing gains from top brokerages despite aggressive valuations. And they did see decent subscriptions, too, in the past couple of weeksIt seems the days of money easy making on IPOs are getting over on Dalal Street.Kalyan Jewellers got listed at Rs 73.90 on BSE, a 15.06 per cent discount to its issue price of Rs 87. The company had been hit by Covid disruptions. In FY19 as well, its revenues were hit by severe floods in South India, which brings in 60 per cent of Kalyan’s revenues.Analysts were not happy with the poor capital allocation and the company’s balance sheet. Besides, jewellery stocks have had a tepid listing history in the past.Despite all this, retail investors were most bullish on the issue, bidding for 2.82 times the quota size.