Manoj Vaibhav IPO subscribed 2.25 times on last day of subscription

The Initial Public Offering (IPO) of Manoj Vaibhav Gems N Jewellers was subscribed 2.25 times on the last day of subscription on Tuesday. The initial share sale got bids for 2,05,05,627 shares against 91,20,664 shares on offer, as per NSE data.

The portion allotted for non-institutional investors was subscribed 5.18 times while the category for retail individual investors received 1.66 times subscription. The Qualified Institutional Buyers (QIBs) part was subscribed 1.06 times.

The IPO had a fresh issue of up to Rs 210 crore and an offer for sale of up to 2,800,000 equity shares. The price range for the offer was at Rs 204-215 per share. The company mopped up Rs 81.05 crore from anchor investors on Thursday.

The company, a regional jewellery brand in South India, has a 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 stores and general corporate purposes. Bajaj Capital and Elara Capital (India) were the managers to the offer. The equity shares are proposed to be listed on the BSE and the NSE.

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