Reported By: Mohammad Haris
Last Updated: September 25, 2023, 11:34 IST
The price range for the Manoj Vaibhav IPO is Rs 204-215 per share.
Manoj Vaibhav IPO: The unlisted shares of Manoj Vaibhav Gems N Jewellers Ltd are trading Rs 18 higher or about 8.37 per cent more than its upper issue price of Rs 215 per share
Manoj Vaibhav IPO: The initial public offering (IPO) of Manoj Vaibhav Gems N Jewellers Ltd, which was opened for public subscription on September 22, is witnessing the second day of bidding. In a lacklustre bidding so far, the Rs 270.20-crore IPO has been subscribed 14 per cent till 11.12 am on Monday, receiving bids for 13,13,415 shares against 91,20,664 shares on offer.
The category for retail individual investors was subscribed 26 per cent, while the portion for non-institutional investors received 7 per cent subscription, till 11.12 am on the second day of bidding.
Manoj Vaibhav IPO GMP
According to market observers, Manoj Vaibhav Gems N Jewellers Ltd is currently trading Rs 18 higher in the grey market. The Rs 18 grey market premium or GMP is about 8.37 per cent higher than its upper issue price of Rs 215 per share. This means the grey market is expecting an 8.37 per cent listing gain from the public issue.
‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
Manoj Vaibhav IPO Details
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 funds raised will be utilised for opening eight new showrooms, inventory for these new stores and general corporate purposes.
The price range for the offer is Rs 204-215 per share. The minimum lot size is 69 shares. The minimum amount of investment required by retail investors is Rs 14,835. The minimum lot size investment for NII is 14 lots (966 shares), amounting to Rs 207,690, and for NII, it is 68 lots (4,692 shares), amounting to Rs 1,008,780.
The IPO allotment will take place October 3, and Manoj Vaibhav Gems N Jewellers Ltd will make its market debut with shares listing on NSE and BSE on October 6.
The company mopped up Rs 81.05 crore from anchor investors on September 21.
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.
Bajaj Capital and Elara Capital (India) are the managers to the offer.
Mohammad HarisHaris is Deputy News Editor (Business) at News18.com. He writes on various issues related to markets, economy and companies….Read More