Manoj Vaibhav IPO Update: 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. The Rs 270.20-crore IPO has been subscribed 27 per cent on Monday, receiving bids for 24,42,738 shares against 91,20,664 shares on offer, according to the latest NSE data till 1640 IST.
The category for retail individual investors was subscribed 42 per cent, while the portion for non-institutional investors received 27 per cent subscription, till 1640 IST on the second day of bidding.
Manoj Vaibhav IPO GMP
According to market observers, Manoj Vaibhav Gems N Jewellers Ltd is currently trading Rs 13 higher in the grey market. The Rs 13 grey market premium or GMP is about 6.05 per cent higher than its upper issue price of Rs 215 per share. This means the grey market is expecting an 6.05 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.
(The story has been updated with the latest data)
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