Vaibhav Jewellers Raises Rs 81 Crore from Anchor Investors Ahead of IPO

21 Sep 2023 , 09:06 PM

Andhra Pradesh-based Manoj Vaibhav Gems N Jewellers successfully raised Rs 81.06 crore from eight anchor investors on September 21, just before the opening of its public offering.

The anchor investors include Quantum-State Investment Fund, Tano Investment Opportunities Fund, Nexus Global Opportunities Fund, Coeus Global Opportunities Fund, Neomile Growth Fund, AG Dynamic Funds, Chhatisgarh Investments, and Eminence Global Fund. Vaibhav Jewellers has allocated 37,70,160 equity shares to these anchor investors at a price of Rs 215 per share.

Manoj Vaibhav Gems N Jewellers, a hyperlocal jewelry retail chain with a presence in Andhra Pradesh and Telangana, aims to raise Rs 270.2 crore through its upcoming initial public offering (IPO) at the upper end of the price band.

The IPO subscription period is set to be open from September 22 to September 26, with a price range of Rs 204-215 per share.

The company, which currently operates 13 showrooms, plans to utilize the net proceeds from the fresh issue for the establishment of eight new showrooms. The remaining funds will be allocated for general corporate purposes.

The financial performance of this jewelry brand, led by first-generation woman entrepreneur Bharata Mallika Ratna Kumari Grandhi and her daughter Grandhi Sai Keerthan, has remained robust in recent financial years.