Motisons Jewellers Listing: Shares of Motisons Jewellers made a stellar debut on bourses today i.e. December 26 as it got listed at a premium of 98.18 per cent on the National Stock Exchange (NSE) over its issue price of Rs 55 apiece.  

COMMERCIAL BREAK
SCROLL TO CONTINUE READING

On the BSE, the counter debuted at Rs 103.90 i.e. at a premium of 89.90 per cent. The listing gains came on a day when the other two IPOs - Motisons Jewellers and Suraj Estate Developers - debuted at discounts. 

Earlier, the initial public offer (IPO) of the Jaipur-based retail jeweller company was subscribed a whopping 159.61 times on the last day of share sale on Wednesday.

According to NSE data, the Rs 151 crore initial share sale had fetched bids for 3,33,11,48,000 shares against 2,08,71,000 shares on offer.

The part meant for non-institutional investors got subscribed 233.91 times while the Qualified Institutional Buyers (QIBs) portion received 157.40 times subscription. The quota for Retail Individual Investors (RIIs) attracted 122.28 times the subscription.

The Initial Public Offering (IPO) of up to 2,74,71,000 equity shares had a price range of Rs 52-55 a share.

The public issue was entirely a fresh issue of 2.74 crore equity shares with no Offer For Sale (OFS) component.

Ahead of the listing, the company said it raised a little over Rs 36 crore from anchor investors. The company also said that the proceeds from the issue will be used for debt payment, funding the working capital requirement of the company and for general corporate purposes.

Holani Consultants was the manager of the offer.