Motisons Jewellers IPO Day 3: Issue has been subscribed 91.79 times

20 Dec 2023 , 01:09 PM

The Motisons Jewellers IPO was subscribed 91.79 times on December 20, the final day of bidding, with bids for 191.58 crore shares against an issue size of 2.08 crore shares. Retail investors bought 94.86 times and high net-worth individuals (HNIs) picked up 151.72 times the allotted quota, while qualified institutional buyers (QIBs) booked 14.98 times the reserved portion. Click here to subscribe the IPO.

Motisons Jewellers plans to raise Rs 151.09 crore from the IPO, which solely comprises a fresh issue of 2.74 crore shares. Half of the offered size has been reserved for QIBs and 15 percent for HNIs. The price band for the issue has been fixed at Rs 52-55 per share with a lot size of a minimum of 250 equity shares, followed by multiples of 250.

Of the net fresh issue proceeds, the jewellery company plans to spend Rs 58 crore on repayment of debt and Rs 71 crore on working capital requirements. The rest would be used for general corporate purposes.

Ahead of the IPO, the company secured Rs 36.3 crore from two anchor investors on December 15. Notably, Meru Investment Fund PCC-Cell 1 acquired 46 lakh equity shares, totalling Rs 25.3 crore, while Zinnia Global Fund PCC-Cell Dewcap Fund invested 20 lakh shares, valued at Rs 11 crore.

Holani Consultants is the merchant banker to the issue, while Link Intime India is the registrar to the offer.