Motisons Jewellers IPO receives 51.36 times subscription on day two, with strong demand from retail and institutional investors. The Jaipur-based jeweller aims to use proceeds for debt repayment and working capital.
New Delhi, Dec 19 (PTI) The initial public offer of Motisons Jewellers received 51.36 times subscription on the second day of share sale on Tuesday.
The initial share sale of the Jaipur-based retail jeweller company received bids for 1,07,19,08,000 shares against 2,08,71,000 shares on offer, as per NSE data.
The category for non-institutional investors received 69.59 times subscription while the portion for Retail Individual Investors (RIIs) got subscribed 64.37 times. The quota for Qualified Institutional Buyers (QIBs) received 66 per cent subscription.
The IPO of up to 2,74,71,000 equity shares has a price range of Rs 52-55 a share.
The public issue is entirely a fresh issue of 2.74 crore equity shares with no Offer For Sale (OFS) component.
On Friday, Motisons Jewellers said it has raised a little over Rs 36 crore from anchor investors.
Proceeds from the issue will be used for debt payment, funding the working capital requirement of the company and a portion will also be used for general corporate purposes.
Holani Consultants is the manager to the offer.
The equity shares are proposed to be listed on the BSE and NSE.
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