Manoj Vaibhav Gems loses sheen on listing day

Shares of Manoj Vaibhav Gems ‘N’ Jewellers witnessed a muted listing on Tuesday. The stock ended on a flat note at ₹215.65 against the IPO price of ₹215 on the BSE. It was listed at the issue price and hit a high and low of ₹221.90 and ₹210, respectively. On the NSE, the stock closed at ₹215.50.

The Andhra Pradesh-based jewellery retailer had raised ₹210 crore through fresh issue, while the IPO had also an offer for sale portion worth ₹60.20 crore.

The issue was subscribed 2.33 times, thanks mainly to non-institution investors, whose portion was subscribed over 5 times. Respective quotas of QIBs and retail investors subscribed 1.08 times and 1.73 times.

 The net proceeds from the fresh issue would be utilised towards financing the establishment of the proposed eight new showrooms and General corporate purposes.

Also read: Broker’s call: Nykaa (Reduce)

As part of IPO process, Vaibhav Gems N Jewellers had raised ₹81 crore from anchor investors who included Tano Investment Opportunities Fund, Quantum-State Investment Fund, Coeus Global Opportunities Fund, Nexus Global Opportunities Fund, Neomile Growth Fund, AG Dynamic Funds, Eminence Global Fund, Chhattisgarh Investments.

Manoj Vaibhav Gems ‘N’ Jewellers, one of the leading South India-based jewellers, offers gold, silver, and diamond jewellery; precious gemstones; and other jewellery products. It sells its product range through its retail showrooms in micro markets of Telangana and Andhra Pradesh