New Delhi, Sep 1 (PTI) The initial public offer of Deepa Jewellers Ltd was subscribed 86 per cent on the first day of bidding on Tuesday.
The company’s IPO received bids for 1,59,85,200 shares against 1,85,20,085 shares on offer, as per details available with the NSE.
The category for retail investors received 1.38 times subscription. The portion for non-institutional investors was subscribed 63 per cent and that of Qualified Institutional Buyers (QIBs) got subscribed 11 per cent.
Deepa Jewellers Ltd on Monday raised Rs 138 crore from anchor investors, including Motilal Oswal Finvest and WhiteOak Capital Mutual Fund.
The Rs 460-crore public issue will close on September 3. The IPO price band has been fixed at Rs 168-177 per share.
The IPO comprises
a fresh issue of equity shares worth up to Rs 250 crore and an offer-for-sale (OFS) of over 1.18 crore shares.
At the upper end of the price band, the issue size will be around Rs 460 crore. The post-issue implied market capitalisation is estimated at around Rs 1,700 crore at the higher end.
Proceeds from its fresh issuance will be utilised for funding long-term working capital requirements towards procurement, maintenance and scaling up of inventory by the company and general corporate purposes.
Incorporated in 2016, the company is an organised B2B designer, processor and supplier of hallmarked gold jewellery. It primarily operates in Telangana, Karnataka, Andhra Pradesh, Tamil Nadu and Kerala.
The company designs, processes and sells a wide range of jewellery, operating through an outsourced manufacturing model, supported by a network of ‘karigars’.
The equity shares are proposed to be listed on both the BSE and NSE on September 8. PTI SUM SUM VHI VHI
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