Motisons Jewellers IPO ends with robust subscription

Published on Dec 21, 2023 10:20

The initial public offer (IPO) of Motisons Jewellers received bids for 3,33,12,07,750 shares as against 2,08,71,000 shares on offer. The issue was subscribed 159.61 times.

The Qualified Institutional Buyers (QIBs) category was subscribed 157.40 times. The Non Institutional Investors (NIIs) category was subscribed 233.91 times. The Retail Individual Investors (RIIs) category was subscribed 122.28 times.

The issue opened for bidding on 18 December 2023 and it closed on 20 December 2023. The price band of the IPO was fixed at Rs 52-55 per share.

The offer consisted fresh issue of 2.74 crore equity shares. Out of the proceeds from the fresh issue, Rs 58 crore will be used towards repayment of debt, Rs 71 crore will be used towards working capital requirements and the balance towards general corporate purposes.

Ahead of the IPO, Motisons Jewellers on 15 December 2023 raised Rs 36.30 crore from anchor investors. The board allotted 66 lakh shares at Rs 55 each to 2 anchor investors.

Motisons Jewellers retails jewellery made of gold, diamond, kundan and sale of other jewellery products including pearl, silver, platinum, precious, semi-precious stones and other metals. Its other offerings include gold and silver coins, utensils and other artifacts.

The firm reported a net profit of Rs 5.48 crore and sales of Rs 86.73 crore for the three months ended on 30 June 2023.