Manoj Vaibhav Gems N Jewellers IPO ends with 2.25x subscription

Published on Sep 27, 2023 14:32

The Non Institutional Investors (NIIs) category was subscribed 5.18 times. The Retail Individual Investors (RIIs) category was subscribed 1.66 times. The Qualified Institutional Buyers (QIBs) category was subscribed 1.06 times.

The initial public offer (IPO) of Manoj Vaibhav Gems N Jewellers received bids for 2,05,06,938 shares as against 91,20,664 shares on offer. The issue was subscribed 2.25 times.

The issue opened for bidding on Friday (22 September 2023) and it closed on Tuesday (26 September 2023). The price band of the IPO was fixed at Rs 204-215 per share.

The IPO comprised of a fresh issue of Rs 210 crore and an offer for sale of up to 28,00,000 shares by its existing shareholders.

The objectives of the fresh issue include financing eight new showrooms for a capex of around Rs 172 crore and the balance amount is to be used for general corporate purposes.

The promoters of the company held 100% of the pre-offer issued and paid-up equity share capital. The post IPO shareholding for the same is expected to be around 74.27%.

Ahead of the IPO, Manoj Vaibhav Gems N Jewellers on Thursday, 21 September 2023 raised Rs 81.05 crore from anchor investors. The board allotted 37.70 lakh shares at Rs 215 each to 8 anchor investors.

Manoj Vaibhav Gems N Jewellers also known as Vaibhav Jewellers, is a regional jewelry brand in South India. The company offers gold, silver, and diamond jewelry, precious gemstones and other jewelry products through retail showrooms as well as through its website.

The company reported a consolidated net profit of Rs 19.24 crore and net sales of Rs 508.90 crore for the three months ended on 30 June 2023.