Motisons Jewellers IPO Glitters with 15 Times Subscription on Day 1

18 Dec 2023 , 07:15 PM

On the first day of bidding, Motisons Jewellers’ public issue, valued at Rs 151.09 crore, was oversubscribed by 15.02 times. Click here to subscribe the IPO.

The IPO received bids for 31.34 crore shares against the total issue size of 2.08 crore shares. Retail investors took the lead, subscribing 22.24 times, followed by high net-worth individuals (HNIs) with 13.82 times, and qualified institutional buyers (QIBs) with 8% of the allotted quota.

Motisons Jewellers’ IPO is entirely a fresh issue of 2.74 crore shares and is scheduled to close on December 20. The company had raised Rs 36.3 crore from two anchor investors on December 15. The net fresh issue proceeds will be allocated with Rs 58 crore for debt repayment, Rs 71 crore for working capital requirements, and the remaining amount for general corporate purposes. The price band for the issue is fixed at Rs 52-55 per share.

Before filing the Red Herring Prospectus (RHP), Motisons had raised Rs 33 crore in a pre-IPO placement. Holani Consultants is the book-running lead manager, and Link Intime India is the registrar for the issue.