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Jaipur-based jewellery retailer Motisons Jewellers will hit the primary market to raise ₹151 crore. The price band for the offer has been fixed at ₹52-55 a share. The issue will close on December 20 and the market lot is 250 shares.
The entire issue from Chhabra family-owned jewellery maker is only a fresh issue of 2.74 crore shares.
About 50 per cent of the offer is reserved for qualified institutional buyers while 35 per cent for retail investors and the rest 15 per cent for non-institutional investors.
On Friday, as part of IPO, the company has mobilised ₹36.3 crore from anchor investors from two investors - Meru Investment Fund PCC-Cell 1 bought 46 lakh equity shares and Zinnia Global Fund PCC-Cell Dewcap Fund purchased 20 lakh shares.
Of the net fresh issue proceeds, ₹58 crore will be utilised for repayment of debt and ₹71 crore for working capital requirements. And the remaining will be set aside for general corporate purposes going ahead.
It may be recalled that Motisons early secured ₹33 crore through a pre-IPO placement at the same valuation, preceding the submission of a red herring prospectus to the Registrar of Companies (ROC).
Motisons Jewellers that sells gold, diamond and kundan jewellery as well as other.
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