Advit Jewels raises ₹50 crore from anchor investors ahead of IPO

Advit Jewels Ltd on Monday (June 22) raised ₹49.52 crore from anchor investors ahead of its initial public offering (IPO).

Among the anchor investors are Holani Venture Capital Fund-1, Mint Focused Growth Fund PCC-Cell 1, Venus Investment VCC Venus Stellar Fund and Taurus Mutual Fund, according to a circular uploaded on the BSE website.

The Jaipur-based company allotted 35.88 lakh equity shares to anchor investors at ₹138 apiece, aggregating the transaction size to ₹49.52 crore.

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Advit Jewels’ Rs 165.16-crore IPO will open for public subscription on June 23 and conclude on June 25. The company has fixed a price band of ₹130-138 per share for the issue. The IPO comprises a fresh issue of 1.20 crore equity shares with no offer-for-sale component.

Proceeds from the issue will be utilised towards the repayment of borrowings worth ₹65 crore, funding working capital requirements of Rs 65 crore, and general corporate purposes.

Advit Jewels is engaged in the manufacturing and sale of traditional and contemporary handcrafted fine jewellery. The company markets its products under the ’Rambhajo’ brand and specialises in customised Kundan, Polki, diamond and studded jewellery.

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The equity shares of the company are proposed to be listed on the BSE and NSE.