The ₹270.20-crore initial public offering of Manoj Vaibhav Gems ‘N’ Jewellers Limited enters day 2 on Monday. The issue has so far been subscribed just 14 per cent on Day 1 (Friday).
The public issue will close on September 26 (Tuesday) and the market lot is 69 shares.
The south Indian jeweller has fixed price band at ₹204-215. The IPO of jewellery company consists of a fresh issue worth ₹201 crore and offer for sale for ₹60.20 crore. Retail investors can subscribe up to 35 per cent of the IPO, while the company has reserved 50 per cent of equity shares to qualified institutional bidders (QIBs) and 15 per cent to non-institutional investors.
The category for retail individual investors was subscribed 25 per cent while the portion for non-institutional investors received 5 per cent subscription.
The Andhra Pradesh-based jewellery firm received bids for as many as 12.32 lakh shares against the 91.2 lakh shares on offer, translating to an overall subscription of 14 per cent, according to provisional exchange data.
8 anchor investors
As part of IPO, the company has raised ₹81.06 crore from eight anchor investors by deciding to allot 37.70 lakh at ₹215 per share. Quantum-State Investment Fund, Tano Investment Opportunities Fund, Nexus Global Opportunities Fund, Coeus Global Opportunities Fund, Neomile Growth Fund, AG Dynamic Funds, Chhatisgarh Investments and Eminence Global Fund are the investors in the anchor book.
Funds for new showrooms
The company, which has 13 showrooms, will utilise net fresh issue proceeds for the establishment of its proposed eight new showrooms and the remaining money will be spent for general corporate purposes.
Bajaj Capital and Elara Capital (India) are the book running lead managers to the issue, while Bigshare Services has been appointed as the registrar for the issue. Shares of the company will be listed on both BSE and NSE.