Vaibhav Jewelers IPO: Manoj Vaibhav Gems ‘N’ Jewelers raised around Rs 81.06 crore from anchor investors on Thursday, September 21, a day before the opening of its initial public offer. The Andhra Pradesh headquartered company said that a total of 8 anchor investors invested in its issue. These include Quantum-State Investment Fund, Tano Investment Opportunities Fund, Nexus Global Opportunities Fund, Coius Global Opportunities Fund, Neomile Growth Fund, AG Dynamic Funds, Chhattisgarh Investments and Eminence Global Fund.
In the information sent to the stock exchanges, Vaibhav Jewelers said that it has allotted a total of 37,70,160 shares to these anchor investors. These shares have been launched at a price of Rs 215 per share. This is the upper price band of its IPO.
This hyperlocal jewelery retail chain with presence in Andhra Pradesh and Telangana plans to raise Rs 270.2 crore through its IPO at the upper price band. The company’s IPO includes a fresh issue of Rs 210 crore. The remaining 28 lakh shares worth Rs 60.2 crore will be put up for sale by the company’s promoter Grandi Bharat Mallika Ratna Kumari (HUF).
Also read- Stock Markets: Sensex fell 1,300 points in three days, when will the ongoing decline in the stock market stop? know
The company has reserved half of the IPO for Qualified Institutional Buyers (QIB). Additionally, 15 per cent of the issue size is reserved for high net worth individuals (non-institutional investors) and the remaining 35 per cent is reserved for retail investors. Investors can bid for this IPO for a minimum of 69 equity shares and in multiples of 69 shares thereafter.
Vaibhav Jewelers has its presence in Andhra Pradesh and Telangana. It has 13 showrooms across 8 towns and 2 cities, including two franchised showrooms. It is a company completely owned by the promoters. Listing of its shares on BSE and NSE is expected to happen on October 6.