Motisons Jewellers Secures Rs 36.3 Crore from Anchor Investors Ahead of IPO Launch

17 Dec 2023 , 07:49 PM

Jaipur-based jewellery retailer, Motisons Jewellers, successfully garnered Rs 36.3 crore from anchor investors on December 15, a day ahead of its public issue opening. The anchor book saw participation from only two investors. 

The IPO, set to open on December 18 and conclude on December 20, aims to raise a total of Rs 151.09 crore through a fresh issue component of 2.74 crore equity shares at the upper price band of Rs 55 per share. Meru Investment Fund PCC-Cell 1 purchased 46 lakh equity shares worth Rs 25.3 crore, while Zinnia Global Fund PCC-Cell Dewcap Fund acquired 20 lakh shares valued at Rs 11 crore. 

Motisons Jewellers has finalized the allocation of 66 lakh equity shares to anchor investors. 

The net proceeds from the fresh issue will see Rs 58 crore allocated for debt repayment, Rs 71 crore for working capital requirements, and the remaining funds designated for general corporate purposes. In addition to the IPO, the jewellery maker had previously secured Rs 33 crore through a pre-IPO placement at the same share price