Motisons Jewellers raises Rs 36 crore from anchor investors, launches IPO

Jaipur-based fine jewellery business Motisons Jewellers has raised Rs 36.3 crore from anchor investors through an equity share sale before launching its initial public offering on December 18.

For its anchor investor fundraising, Motisons Jewellers allotted 66 lakh equity shares to two funds with each share priced at Rs 55, the Press Trust of India reported. This was the upper end of the price band for the IPO. 
 
Meru Investment Fund PCC- Cell 1 obtained 46 lakh equity shares from Motisons Jewellers, Ind Money reported. Zinnia Global Fund PCC- Cell Dewcap Fund obtained 20 lakh shares which amounted to a combined valuation of Rs 11 crore. No shares were allotted to funds, showing the business’ strategy.

The business aims to raise Rs 151.09 crore in its IPO at the high price range. This includes a fresh issue of 2.74 equity shares with no offer for sale and the price band for the offering has been set at Rs 52 to Rs 55 per share. Funds raised in the IPO will be used towards clearing debts, current operations, and future needs. 
 
Motisons Jewellers’ IPO will close on December 20 and the business’ book-running lead manager is Holani Consultants, ET Bureau reported. The equity shares have been proposed to be listed on both the Bombay Stock Exchange and National Stock Exchange.