Motisons Jewellers' Rs 151.09-crore public issue was subscribed 14.24 times so far on the first day of bidding on December 18. The issue received bids for 29.72 crore shares against an issue size of 2.08 crore shares. Retail investors remained at the forefront, booking 21.3 times, high net-worth individuals picked up 12.78 times and qualified institutional buyers bought 7 percent of the allotted quota.
Also read: Motisons Jewellers Ltd: Why you should avoid this IPO?
The offer which will close on December 20 is entirely a fresh issue of 2.74 crore shares. Ahead of the IPO, the company mobilised Rs 36.3 crore from two anchor investors on December 15. Meru Investment Fund PCC-Cell 1 bought 46 lakh equity shares amounting to Rs 25.3 crore and Zinnia Global Fund PCC-Cell Dewcap Fund purchased 20 lakh shares valued at Rs 11 crore.
Also read: Motisons Jewellers raises Rs 36.3 crore via anchor book, IPO opening on Dec 18
Of the net fresh issue proceeds, the company will spend Rs 58 crore on repayment of debt and Rs 71 crore on working capital requirements. The remaining amount will be utilised for general corporate purposes. The price band for the issue is fixed at Rs 52-55 per share.
Motisons, in the year-ended March FY23, reported a 50.5 percent increase in net profit to Rs 22.2 crore and revenue from operations climbed 16.5 percent to Rs 366.2 crore, compared to the previous year.
Also read: Motisons Jewellers IPO: 10 things to know before subscribing to Rs 151 crore issue
Before filing the RHP, Motisons, with a network of four jewellery showrooms in the pink city, mopped up Rs 33 crore in a pre-IPO placement. Holani Consultants is the book-running lead manager while Link Intime India is the registrar for the issue.
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