Motisons Jewellers raises Rs 36.3 crore via anchor book, IPO opening on Dec 18

Motisons Jewellers IPO opens next week

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Jaipur-based jewellery retailer Motisons Jewellers mobilised Rs 36.3 crore from anchor investors on December 15, a day before the opening of the issue. Only two investors participated in the anchor book.

The public issue will open for subscription on December 18 and the last day will be December 20.

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.

The company said it has finalised the allocation of 66 lakh equity shares to anchor investors at Rs 55 per share. "Out of the total allocation 66 lakh equity shares to the anchor investors, nil shares funds."

Also read: Mufti Menswear IPO: 10 things to know before subscribing to Rs 549-crore issue

The Chhabra family-owned jewellery maker intends to raise a total of Rs 151.09 crore through its initial public offering at the upper price band, comprising only a fresh issue component of 2.74 crore equity shares.

The price band for the offer has been fixed at Rs 52-55 per share.

Of the net fresh issue proceeds, Rs 58 crore will be utilised for repayment of debt and Rs 71 crore for working capital requirements. And the remaining will be set aside for general corporate purposes going ahead.

Apart from the above fundraising plan, Motisons with a network of four jewellery showrooms in the pink city already mopped up Rs 33 crore in a pre-IPO placement at the same price, before the filing of a red herring prospectus with the ROC.

This will be amongst eight IPOs hitting Dalal Street next week. Other IPOs are Muthoot Microfin, Suraj Estate Developers, Happy Forgings, RBZ Jewellers, Credo Brands Marketing, Azad Engineering, and Innova Captab.