The Rs 270-crore initial public offering of Manoj Vaibhav Gems N Jewellers opened to a muted response on September 22, with the offer subscribed 13 percent. Bids came in for 12.23 lakh shares against an offer size of 91.2 lakh.
Retail investors bought 25 percent of their allotted quota of shares and high networth individuals (HNIs) 5 percent. Thirty-five percent of the offer has been set aside for retail investors, 15 percent for HNIs and remaining 50 percent for qualified institutional buyers (QIBs) who were yet to participate in the offer.
The issue comprises a fresh issuance of shares worth Rs 210 crore and an offer-for-sale of shares worth Rs 60.20 crore by the promoter Grandhi Bharata Mallika Ratna Kumari (HUF).
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The price band for the offer, which closes on September 26, has been set at Rs 204-215 per share.
The jewellery retailer raised Rs 81.06 crore from eight anchor investors on September 21, including Tano Investment Opportunities Fund, Quantum-State Investment Fund, Coeus Global Opportunities Fund, Nexus Global Opportunities Fund, and Neomile Growth Fund.
The Andhra Pradesh-based company will use fresh issue proceeds for setting up eight showrooms, and the remaining for general corporate purposes.
The hyperlocal jewellery retail chain has 13 showrooms in Andhra Pradesh and Telangana.
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