Unlisted shares of Motisons Jewellers are currently trading Rs 104 higher in the grey market, which is a 189.09 per cent listing gain from the public issue
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Motisons Jewellers IPO: The initial public offering of Jaipur-based retail jeweller company Motisons Jewellers is going to open for public subscription on December 18. The Rs 151.09-crore IPO will conclude on December 20. Its grey market premium or GMP suggests a significant interest from investors towards the IPO.
The price band of the Motisons Jewellers IPO has been fixed at Rs 52-Rs 55 per share.
The Motisons Jewellers IPO allotment will take place on Thursday, December 21, while its shares will be listed on Tuesday, December 26.
Motisons Jewellers has raised a little over Rs 36 crore from anchor investors days before its maiden public issue.
Motisons Jewellers IPO GMP Today
According to market observers, unlisted shares of Motisons Jewellers are currently trading Rs 104 higher in the grey market as compared with its issue price. The Rs 104 grey market premium or GMP means the grey market is expecting a 189.09 per cent listing gain from the public issue. The GMP is based on market sentiments and keeps changing.
‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
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Motisons Jewellers IPO Details
The Motisons Jewellers IPO is entirely a fresh issue of 2.74 crore equity shares with no Offer For Sale (OFS) component. The initial public offering (IPO) with a price band of Rs 52-55 a share will open on December 18 and conclude on December 20. At the upper end of the price band, the IPO will fetch Rs 151 crore.
The minimum lot size for an application is 250 shares. The minimum amount of investment required by retail investors is Rs 13,750.
Motisons Jewellers has raised a little over Rs 36 crore from anchor investors days before its maiden public issue. Motisons Jewellers has allotted 66 lakh equity shares to two funds at Rs 55 apiece — the upper end of the price band.
Meru Investment Fund PCC-Cell 1 bought 46 lakh equity shares amounting to Rs 25.3 crore, and Zinnia Global Fund PCC-Cell Dewcap Fund purchased 20 lakh shares valued at Rs 11 crore.
Together, they bought shares worth Rs 36.3 crore, data showed.
Proceeds from the issue will be used for debt payment, funding the working capital requirement of the company and a portion will also be used for general corporate purposes.
Holani Consultants is the book-running lead manager for the issue. The equity shares are proposed to be listed on the BSE and the NSE.
