Motisons Jewellers IPO subscribed 159.50 times

Published on Dec 20, 2023 17:36

The initial public offer (IPO) of Motisons Jewellers received bids for 3,32,88,24,000 shares as against 2,08,71,000 shares on offer, according to stock exchange data at 17:33 IST on Wednesday (20 December 2023). The issue was subscribed 159.50 times.

The issue opened for bidding on Monday (18 December 2023) and it will close on Wednesday (20 December 2023). The price band of the IPO is fixed at Rs 52-55 per share. An investor can bid for a minimum of 250 equity shares and in multiples thereof.

The offer comprises only of fresh issue of 2,74,71,000 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 Friday, 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.