Advit Jewels IPO fully subscribed on day 1

New Delhi, Jun 23 (PTI) The initial public offer of Advit Jewels Ltd got fully subscribed on the first day of bidding on Tuesday, helped by increased participation from all categories of investors.

The Rs 165.16-crore IPO received bids for 9,36,73,100 shares against 83,79,300 shares on offer, translating into 11.18 times subscription, as per NSE data.

The quota for non-institutional investors received 23.73 times subscription, while the category for retail investors got subscribed 11.55 times. The portion meant for Qualified Institutional Buyers (QIBs) received 1.11 times subscription.

Advit Jewels Ltd on Monday raised Rs 49.52 crore from anchor investors.

The company’s IPO will conclude on June 25. The company has fixed a price band of Rs 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 Rs 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.

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