Fine jewellery business Manoj Vaibhav Gems N Jewellers Limited saw its initial public offering subscribed 13% on its first day of subscription on September 22. The business had raised Rs 81.05 crore from anchor investors ahead of the IPO launch on Thursday.
The South Indian business’ IPO received bids for 1,222,128 shares out of the 9,120,664 shares on offer on its first day of subscription, according to data on the National Stock Exchange accessed by the Press Trust of India. The category for retail investors was subscribed by 25% and the category for non-institutional investors was subscribed by 5% on Friday.
Vaibhav Gems’ IPO had a price range of between Rs 204 and Rs 215 per share. The IPO included a fresh issue of shares up to Rs 210 crore as well as an offer for sale of up to 2,800,000 equity shares, ET Bureau reported. The business chose Elara Capital India and Bajaj Capital as the managers to the offer.
Vaibhav Gems specialises in traditional style jewellery and counts 13 stores spread across the states of Telangana and Andhra Pradesh. The business plans to use the funds it raises in the IPO to open eight new showrooms, build its inventory, and for general corporate purposes.
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