Motisons Jewellers IPO Sees Strong Demand, Oversubscribed 27.27 Times on Second Day

19 Dec 2023 , 11:56 AM

Motisons Jewellers, with a public issue size of Rs 151.09 crores, witnessed robust demand, oversubscribed by 27.27 times on December 19, the second day of the bidding period until 12 PM. The company received bids for 56,91,06,750 shares against the available 2,08,71,000 shares. Click here to subscribe the IPO.

Retail investors led the subscription with an impressive 39.37 times, followed by high net-worth individuals at 27.09 times. Qualified institutional buyers secured 9% of the allotted quota.

The net proceeds from the fresh issue will be utilized for debt repayment (Rs 58 crore), working capital requirements (Rs 71 crore), and the remaining balance for general corporate purposes. The IPO is priced in the range of Rs 52-55 per share.

Established in October 1997, Motisons Jewellers specializes in selling gold, diamond, and kundan jewellery, along with pearls, silver, platinum, and other metals. The flagship store, Motisons Tower, is located in Jaipur, Rajasthan, while the newest branch, opened in 2021, is situated in the Vaishali Nagar neighborhood in the southwestern part of Jaipur.

Holani Consultants serves as the sole merchant banker for the issue, with Link Intime India acting as the registrar to the offer.