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C Mahendra Exports IPO fully subscribed
Diamond jewellery player C Mahendra Exports ' initial public offering (IPO) has been subscribed 1.03 so far, as per data available on NSE website. The issue will close for subscription on January 06.
Diamond jewellery player C Mahendra Exports ' initial public offering (IPO) has been subscribed 1.03 so far, as per data available on NSE website. The issue will close for subscription on January 06.
The issue has received bids for 1.54 crore equity shares as against issue size of 1.5 crore shares. Reserved portion of non-institutional and retail investors was subscribed 1.24 times and 1.47 times, respectively. Qualified institutional investors' portion subscribed 0.65 times.
A price band is at Rs 95-110 a share and bids can be made for a minimum of 60 equity shares and in multiples of 60 shares thereafter.
Group is an integrated diamond and diamond jewellery player encompassing sourcing of rough diamonds, trading of rough and polished diamonds, processing of diamonds and manufacture of diamond jewellery.
Issue proceeds will be used for setting up of a diamond processing unit at Gujarat Hira Bourse, SEZ, Ichchhapore, Surat; setting up a jewellery manufacturing unit at Mumbai; setting up retail outlets; brand development expenses and investment in capital of C Mahendra BVBA.
