Luxury Time IPO subscribed 554x on final day, attracts bids worth Rs 7,573 crore

Luxury Time IPO News

Luxury Time, the Rs 68-crore valued Swiss luxury watches distributor, has attracted overwhelming response from investors, receiving a massive Rs 7,573 crore worth bids on December 8, the final day of bidding.

The initial public offer was subscribed 553.93 times during December 4-8, with investors bidding 92.35 crore equity shares against the offer size of 16.67 lakh shares via 2.19 lakh applications.

Retail investors took the lead amongst them, picking up 860.5 times their allotted quota in three days. The portions set aside for non-institutional investors, and qualified institutional buyers were subscribed 402.47 times, and 205.58 times, respectively.

The New Delhi-headquartered watch service-related tools and equipment distributor hit Dalal Street to raise funds up to Rs 18.73 crore via initial public offering (IPO) at the upper end of price band of Rs 78-82 per share.

The IPO is a combination of fresh issuance of 18.28 lakh equity shares, and an offer-for-sale of 4.56 lakh shares by promoters.

Luxury Time is set to spend Rs 2.8 crore of fresh issue proceeds for setting-up of 4 new retail stores, Rs 9 crore for working capital requirements, and the remainder funds for general corporate purpose.

Incorporated in 2008, the company that serves as the exclusive authorized distributor in India for TAG Heuer, Zenith, Bomberg and Exaequo, the luxury Swiss watches brands, maintained a retail and distribution footprint of over 70 points of sale (POS) across India and two service stores in Mumbai and Delhi, respectively, as per the RHP filing.

GYR Capital Advisors acted as the merchant banker for managing the Luxury Time IPO.

Meanwhile, the fixed priced public issue of Western Overseas Study Abroad saw 1.38 times subscription during December 4-8. Investors bid 24.92 lakh shares against the offer size of 17.98 lakh shares via 548 applications.

The Haryana-based company that offers educational and immigration advisory services, and visa advice is raising Rs 10.06 crore via public issue at a price of Rs 56 per share.

The IPO proceeds will be utilised for advertisement expenses towards enhancing the awareness and visibility of its brand; acquisition and installation of software; repayment of certain outstanding borrowings, and general corporate purposes.

Sobhagya Capital Options is the sole book running lead manager for the Western Overseas Study Abroad IPO.

Both companies will finalise their IPO share allotment by December 9, while their shares will be available for trading on the BSE SME effective December 11.