Manoj Vaibhav Gems IPO subscribed 13% on Day 1 of offer

Manoj Vaibhav Gems IPO: The Initial Public Offering (IPO) of Manoj Vaibhav Gems N Jewellers Ltd was subscribed 13 per cent on the first day of subscription on Friday. The IPO received bids for 12,22,128 shares against 91,20,664 shares on offer, as per NSE data.

The category for retail individual investors was subscribed 25 per cent while the portion for non-institutional investors received 5 per cent subscription.

The IPO has a fresh issue of up to Rs 210 crore and an offer for sale of up to 28,00,000 equity shares.

The price range for the offer is Rs 204-215 per share.

The company mopped up Rs 81.05 crore from anchor investors on Thursday.

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The company, a regional jewellery brand in South India, has its presence in Andhra Pradesh and Telangana with 13 showrooms across eight towns and two cities.

The funds raised will be utilised for opening eight new showrooms, inventory for these new stores and general corporate purposes.

Bajaj Capital and Elara Capital (India) are the managers to the offer.

The equity shares are proposed to be listed on the BSE and the NSE.

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