23 July 2024

Strong Response: Motisons Jewellers’ IPO Subscribed 10 Times, Retail Portion Oversubscribed at 15.71x on Debut

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Motisons Jewellers’ initial public offering (IPO) has garnered substantial interest, witnessing a subscription rate of 10 times its allotted shares on the first day of bidding, starting December 18. The Rs 151.09-crore public issue drew bids for 20.95 crore shares against the available 2.08 crore shares. Notably, retail investors exhibited significant enthusiasm, reserving their portion at a remarkable 15.71 times the allocated shares. High net-worth individuals showed a keen interest, subscribing at 7.63 times, while qualified institutional buyers secured 3 percent of the available quota.

The ongoing offer, set to conclude on December 20, comprises an entirely fresh issue of 2.74 crore shares. Prior to the IPO launch, the company successfully raised Rs 36.3 crore from two anchor investors on December 15. Meru Investment Fund PCC-Cell 1 acquired 46 lakh equity shares worth Rs 25.3 crore, while Zinnia Global Fund PCC-Cell Dewcap Fund purchased 20 lakh shares valued at Rs 11 crore.