Manoj Vaibhav Gems N Jewellers IPO opened today; check live subscription details here

22 Sep 2023 , 12:06 PM

The initial public offering (IPO) of Manoj Vaibhav Gems N Jewellers, based in Andhra Pradesh, commenced today, and it has seen a subscription rate of 6% in the first two hours of opening. Click here to subscribe the IPO.

The retail portion of the IPO achieved a 12% subscription rate by 12 PM, while non-institutional investors’ portion received 1% subscription. The Qualified Institutional Buyers (QIBs) portion has not received any subscriptions at this point.

Before the IPO, Vaibhav Jewellers successfully raised Rs 81 crore from anchor investors. The company allocated 37,70,160 equity shares to anchor investors at a price of Rs 215 per share.

The IPO comprises a fresh issue of shares valued at Rs 210 crore and an offer-for-sale (OFS) of 28 lakh shares worth Rs 60.2 crore by promoter Grandhi Bharata Mallika Ratna Kumari (HUF).

Manoj Vaibhav Gems N Jewellers, which operates 13 showrooms, intends to utilize the net proceeds from the fresh issue to establish eight new showrooms. The remaining funds will be allocated for general corporate purposes. Investors interested in subscribing to the IPO should follow the provided guidelines and monitor its progress.