Indicated by: Mohammed Haris
Last updated: Sep 25, 2023 4:55 PM IST
Manoj Vaibhav IPO Update: The initial public offering (IPO) of Manoj Vaibhav Gems N Jewelers Ltd, which opened for public subscription on September 22, is witnessing its second day of bidding. The Rs 270.20 crore IPO was subscribed 27 per cent on Monday, with bids received for 24,42,738 shares against 91,20,664 shares on offer, as per the latest NSE data till 1640 IST.
The private retail investor category was subscribed at 42 percent, while the non-institutional investor portion was subscribed at 27 percent, up to 1640 IST on the second day of the bidding.
Manoj Vaibhav IPO GMP
According to market observers, Manoj Vaibhav Gems N Jewelers Ltd is currently trading Rs 13 higher on the gray market. The gray market premium or GMP of Rs 13 is about 6.05 percent higher than the highest issue price of Rs 215 per share. This means that the gray market expects a stock market gain of 6.05 percent from the public issue.
The ‘gray market premium’ indicates that investors are willing 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 shares. The money raised will be used for the opening of eight new showrooms, inventory for these new stores and general corporate purposes.
The price band for the offer is Rs 204-215 per share. The minimum lot size is 69 shares. The minimum investment amount required by retail investors is Rs 14,835. The minimum investment for NII is 14 plots (966 shares) which amounts to Rs 207,690, and for NII it is 68 plots (4,692 shares) which amounts to Rs 1,008,780.
The IPO allotment will take place on October 3, and Manoj Vaibhav Gems N Jewelers Ltd will make its market debut with a share listing on NSE and BSE on October 6.
The company has raised Rs 81.05 crore from major investors on September 21.
The company, a regional jewelery brand in South India, has a presence in Andhra Pradesh and Telangana with 13 showrooms across eight cities and two towns.
Bajaj Capital and Elara Capital (India) are the managers of the offer.
(The story has been updated with the latest data)