Manoj Vaibhav Gems N Jewellers IPO day 2: Check subscription details here

25 Sep 2023 , 01:51 PM

The initial public offering (IPO) of Manoj Vaibhav Gems N Jewellers, based in Andhra Pradesh, opened for subscription on September 22, and here is the subscription status as of day 2:

– On the first day, the IPO garnered a subscription rate of 14%.

– By 1.30 PM on the second day, the subscription rate increased to 30%.

– Among the investor categories, the retail portion received strong interest with a subscription rate of 52%, while the High Net Worth Individual (HNI) portion experienced a more muted response, with a subscription rate of 18%.

The company has allocated half of the offer size for Qualified Institutional Buyers (QIBs), with up to 60% of this portion available for allocation to anchor investors. Additionally, 15% of the issue size is reserved for High Net Worth Individuals (non-institutional investors), and the remaining 35% is designated for retail investors. Click here to subscribe the IPO.

The primary utilization of the net fresh issue proceeds will be for the establishment of 8 new showrooms, costing Rs 172 crore, in the financial years ending March FY24 and March FY25. The remaining funds from the fresh issue will be directed towards general corporate purposes.

Trading under the name Vaibhav Jewellers, the company is a well-established regional jewelry brand in South India. They offer a diverse range of jewelry products, including gold, silver, and diamond jewelry, as well as precious gemstones, through both retail showrooms and their online platform.