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Shares of Manoj Vaibhav Gems ‘N’ Jewellers Limited will make their debut at the bourses on Tuesday. The company has fixed the IPO price at Rs 215 at the upper end of the price band of Rs 204-215.
The Andhra Pradesh-based jewellery retailer had raised Rs 210 crore through fresh issue while the IPO had also an offer for sale portion worth Rs 60.20 crore.
The issue was subscribed 2.33 times, thanks mainly to non-institution investors, whose portion was subscribed over 5 times. Respective quotas of QIBs and retail investors subscribed 1.08 times and 1.73 times.
The Net Proceeds from the Fresh Issue would be utilised towards financing the establishment of the proposed 8 new showrooms and General corporate purposes.
As part of IPO process, Vaibhav Gems N Jewellers had raised ₹81 crore from anchor investors who included Tano Investment Opportunities Fund, Quantum-State Investment Fund, Coeus Global Opportunities Fund, Nexus Global Opportunities Fund, Neomile Growth Fund, AG Dynamic Funds, Eminence Global Fund, Chhatisgarh Investments.
Manoj Vaibhav Gems ‘N’ Jewellers, one of the leading South India-based jewellers, offers gold, silver, and diamond jewellery; precious gemstones; and other jewellery products. It sells its product range through its retail showrooms in micro markets of Telangana and Andhra Pradesh.
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