Brandman Retail IPO closes with 107 times subscription, Grover Jewells offer booked 18x on final day

Brandman Retail IPO News

• Brandman Retail IPO closes with 107 times subscription
• Grover Jewells offer booked 18 times
• Brandman Retail, Grover Jewells to make debut on NSE Emerge on February 11

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International sports and lifestyle brands distributor Brandman Retail's initial public offering saw a massive 106.54 times subscription, while the initial share sale of Grover Jewells, the gold jewellery wholesaler, was subscribed 17.88 times on February 6, the final day of bidding.

Both companies opened their public issues on February 4. They will finalise IPO share allotment by February 9, while their shares will be available on the NSE Emerge effective February 11.

Investors have bid 37.27 crore Brandman Retail shares against offer size of 34.99 lakh shares via 1.22 lakh shares with across investors participating in the offer, while the participants have applied for 4.92 crore Grover Jewells shares against IPO size of 27.52 lakh share via 8,434 applications.

Brandman Retail is raising Rs 86.09 crore via initial public offering (IPO) of 48.91 lakh shares at the upper price band of Rs 167-176 per share. It is entirely fresh issue of shares.

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The company that involves in the distribution and retail of premium international brands through non-exclusive distribution agreements will spend IPO proceeds for expansion of retail network by launching 15 (fifteen) new exclusive brand outlets (EBOs) and multi-brand outlets (MBOs) and working capital requirements for EBOs and MBOs. Further, the funds will be used for general corporate purposes and offer expenses.

Delhi-based Grover Jewells that specialises in the manufacturing and designing of wholesale gold jewellery aims to mobilise Rs 33.83 crore via public issue of 38.44 lakh shares. The price band for the offer was Rs 83-88 per share.

The company will utilise IPO funds for its working capital requirements, and general corporate purposes.

Gretex Corporate Services is acting as the book running lead manager for the Brandman Retail IPO, while the Grover Jewells IPO is managed by merchant banker Finshore Management Services.