The public issue of Manoj Vaibhav Gems N Jewellers, which is known through the brand name Vaibhav Jewellers, received decent response from investors with subscriptions beyond 58 percent till the second day of bidding on September 25.
Investors have bought 53.08 lakh equity shares against an offer size of 91.20 lakh equity shares, as per the subscription data available with the exchanges.
Retail investors have bid for 73 percent shares of their reserved portion, high net-worth individuals 57 percent and qualified institutional buyers 33 percent of their respective reserved portions.
The jewellery retailer has kept 50 percent shares of the issue size for qualified institutional buyers, 15 percent for high net-worth individuals, and the remaining 35 percent for retail investors.
The offer was subscribed 13 percent on debut on September 22.
The company aims to raise Rs 270.20 crore from the initial public offering and Rs 210 crore of this will be mopped up from fresh issue and the remaining Rs 60.2 crore from the offer-for-sale component at the upper end of price band of Rs 204-215 per share.
The Andhra Pradesh-based company has garnered Rs 81 crore from anchor investors at the upper price band, including Tano Investment Opportunities Fund, Nexus Global Opportunities Fund, Quantum-State Investment Fund, Neomile Growth Fund, Coeus Global Opportunities Fund, and AG Dynamic Funds.
The establishment of proposed eight showrooms at a cost of Rs 172 crore will be funded through the fresh issue. And the remaining fresh issue money will be utilised for general corporate purposes.
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The hyperlocal jewellery retail chain with a presence in Andhra Pradesh and Telangana is led by a first generation woman entrepreneur Bharata Mallika Ratna Kumari Grandhi along with her daughter Grandhi Sai Keerthana. It has 13 showrooms in Andhra Pradesh and Telangana.
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