Advit Jewels IPO a huge hit among investors; subscribed 212.63 times on Day 3

New Delhi, Jun 25 (PTI) The initial public offering of Advit Jewels Ltd witnessed a strong investor participation across categories, with the issue getting subscribed a massive 212.63 times, on the third and last day of bidding on Thursday.

The Rs 165.16-crore IPO received bids for 1,78,16,51,400 shares against 83,79,300 shares on offer, according to details available with the NSE.

The portion reserved for non-institutional investors received a whopping 536.38 times subscription, while the quota for Qualified Institutional Buyers (QIBs) was booked 174.98 times. The retail investor subscribed their category 95.30 times.

The issue was fully subscribed on the first day of bidding on Tuesday.

The strong subscription to the IPO has made it one of the most

sought after offerings of this year so far.

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

The company had fixed a price band of Rs 130-138 per share for the issue.

The IPO was entirely a fresh issue of 1.20 crore equity shares with no offer-for-sale (OFS) component.

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

Advit Jewels is engaged in the manufacturing and sales 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.

Shares of Advit Jewels are tentatively scheduled to be listed on the BSE and NSE on July 1. PTI SUM SHM