© Reuters.
Shares of Manoj Vaibhav Gems ‘N’ Jewellers (NSE:MVGJL), a hyperlocal jewellery retail chain, debuted on the National Stock Exchange (NSE) at ₹215 on Tuesday, matching its initial public offering (IPO) issue price. The company’s IPO, which opened for public subscription on Friday, September 22, 2023, and closed on Tuesday, September 26, 2023, saw a subdued response with a subscription rate of only 2.25 times.
The IPO comprised a fresh issue of 9,767,442 shares aggregating up to ₹210 crore (INR100 crore = approx. USD12 million) and an Offer for Sale of 2,800,000 shares aggregating up to ₹60.20 crore. The price band for the public issue was set at ₹204-215 per equity share of face value of ₹10 each. While non-institutional investors showed strong interest with a 5.40-time subscription, the Qualified Institutional Buyers (QIB) category was subscribed just over once (1.08 times), and the Retail Individual Investors (RIIs) quota was subscribed 1.73 times.
Manoj Vaibhav Gems ‘N’ Jewellers operates in the micro-markets of Andhra Pradesh and Telangana with a total of 13 showrooms across 8 towns and 2 cities. The company held a market share of 4% of the overall Andhra Pradesh and Telangana jewellery markets and around 10% of the organized market in these two states in the fiscal year 2023.
Despite the flat opening, some analysts suggested holding the stock for the medium to long term. At 04:30 ET (08:30 GMT) on Tuesday, the stock jumped 2.63% to ₹220.65 on the NSE.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
Image and article originally from www.investing.com. Read the original article here.