Motisons Jewellers IPO Oversubscribed 14.88 Times on Day 1

New Delhi, Dec 18 (PTI) The Rs 151 crore Initial Public Offer (IPO) of Motisons Jewellers received 14.88 times subscription on the first day of bidding on Monday.

The IPO of the Jaipur-based retail jeweller company received bids for 31,05,38,000 shares against 2,08,71,000 shares on offer, according to NSE data.

The category for Retail Individual Investors (RIIs) received 22.01 times subscription while the portion for non-institutional investors got subscribed 13.74 times. The Qualified Institutional Buyers (QIBs) part got subscribed 8 per cent.

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.