Motisons Jewellers IPO fully subscribed in first two hours; Check details here

18 Dec 2023 , 11:57 AM

The Motisons Jewellers Limited’s initial public offering (IPO) commenced today and is scheduled to be open until December 20, 2023, closing on Wednesday. The company has set the price band for the Motisons Jewellers IPO at Rs 52 to Rs 55 per equity share, with the objective of raising Rs 151.09 crore through the issuance of fresh shares. Click here to subscribe the IPO.

As of 11:55 AM on the first day of bidding, the public issue has garnered a subscription rate of 4.24 times. The retail portion has seen robust demand, being oversubscribed by 6.86 times, while the Non-Institutional Investors (NII) portion has achieved a subscription rate of 2.80 times. The Qualified Institutional Buyers (QIB) segment has subscribed to 1% of the issue.

Allocation-wise, 50% of the offering is reserved for qualified institutional buyers, 35% for retail investors, and the remaining 15% for non-institutional investors.

Motisons Jewellery operates as a hyperlocal jewellery retail chain in Jaipur, boasting four showrooms, including a flagship showroom. The company primarily sources finished jewellery from third-party suppliers across India, specializing in the sale of jewellery made of gold, diamond, kundan, and more.

With a diverse product portfolio encompassing over 300,000 jewellery designs, Motisons Jewellers offers a wide range of gold, diamond, and other jewellery items across various price points.

The proceeds from the IPO are earmarked for specific purposes, including Rs 58 crore for debt payment, Rs 71 crore for meeting the working capital requirements of the company, and a portion allocated for general corporate purposes. Investors have until December 20, 2023, to participate in the IPO.