Manoj Vaibhav Gems IPO bidding to end today; get the subscription status here

26 Sep 2023 , 12:17 PM

Manoj Vaibhav Gems N Jewellers, operating under the renowned brand Vaibhav Jewellers, has garnered a favorable response from investors, witnessing subscriptions exceeding 58% by the end of the second day of the bidding period. For those interested in subscribing to the IPO, you can click here.

On the third and final day of bidding, the IPO recorded an impressive subscription rate of 97% by 12.05 PM. Among the investor categories, retail investors displayed strong interest, bidding for 1.05 times the shares allocated to them, while high net-worth individuals oversubscribed their portion by 1.27 times. Qualified institutional buyers (QIBs) also demonstrated substantial participation, securing 60% of their reserved portions.

The distribution of shares within the IPO is structured as follows: 50% for qualified institutional buyers, 15% for high net-worth individuals, and the remaining 35% for retail investors. In terms of subscription rates within these categories, retail investors showed high enthusiasm, with a bid rate of 73%, followed by high net-worth individuals at 57%, and qualified institutional buyers at 33%.

Vaibhav Jewellers, a hyperlocal jewellery retail chain with a strong presence in Andhra Pradesh and Telangana, is led by Bharata Mallika Ratna Kumari Grandhi, a first-generation woman entrepreneur, along with her daughter Grandhi Sai Keerthana. The company boasts a network of 13 showrooms across Andhra Pradesh and Telangana.