Jaipur-based Motisons Jewellers raises Rs 33 crore in pre-IPO round
The pre-IPO placement was undertaken after the approval of the board and shareholders in their meetings on September 2 and September 11, respectively.
Motisons Jewellers, a Jaipur-based retail jeweller company, has garnered Rs 33 crore in its pre-IPO (initial public offering) funding round.
The company saw participation from individual and institutional investors, including Sunil Kothari & Sons, Manish Parakh, Isha Parakh, Manish Parakh HUF, Rajesh Kumar Kabra, and Jagdamba Coal House, Prabhudas Lilladhar Advisory Services Private Ltd, Readiprint International LLP and Rajan Propcon Private Ltd in the round.
The jewellery firm had undertaken the pre-IPO placement of 6 million shares at an issue price of Rs 55 per equity share for an amount aggregating to Rs 33 crore by way of a private placement, according to a public notice issued on Saturday.
The pre-IPO placement was undertaken after the approval of the board and shareholders in their meetings on September 2 and September 11, respectively. In March this year, Motisons filed preliminary IPO papers with market regulator Sebi. The issue is entirely a fresh issue of equity shares up to 3.34 crore with no offer-for-sale (OFS) component.
Going by the draft papers, proceeds from the issue will be utilised to the extent of Rs 58 crore for debt payment, Rs 71 crore for funding the working capital requirement of the company and a portion will also be used for general corporate purposes. Currently, it has a 4-showroom network under the "Motisons" brand, located across Jaipur.
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