Jewellery retailer Kabra Jewels has opened its maiden public issue for subscription on January 15. The offer received strong response from investors on its first day of bidding, subscribing 10.45 times, supported by retail and non-institutional investors.
The Ahmedabad-based company , which offers collection of gold, diamond, and silver ornaments entered capital markets to raise Rs 40 crore via initial public offering (IPO), which comprises of solely fresh issue of 31.25 lakh shares. The price band for the book-built issue has been fixed at Rs 121-128 per share.
Investors picked 2.37 crore equity shares against the Kabra Jewels IPO size of 22.76 lakh shares via 21,089 applications, the subscription data available on the National Stock Exchange showed.
Retail investors bought 20 times their reserved portion, and the part set aside for non-institutional investors was booked 9.3 times, while qualified institutional buyers have not participated in the offer yet.
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Kabra Jewels, which operates 6 showrooms in Ahmedabad under various brands along with 3 offices, has raised Rs 10.87 crore (out of the IPO size) by allotting 8.49 lakh shares to four institutional investors (Rajasthan Global Securities, Shine Star Build Cap, Vikasa India EIF I Fund, and Necta Bloom VCC) via anchor book on January 14.
The IPO proceeds will be used mainly for repaying debt, and working capital requirements, apart from general corporate purpose. The issue will close on January 17.
Marwadi Chandarana Intermediaries Brokers is the sole book running lead manager handling the IPO.
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