Manoj Jewellers IPO: Price band, subscription status, GMP and other key details about ₹16 crore SME issue
Manoj Jewellers IPO: The initial public offering (IPO) of Manoj Jewellers, which opened for subscription on Monday, May 5, was off to a slow start amid lackluster demand for the company shares in the grey market.
As of 11.40 am, Manoj Jewellers IPO received 2,06,000 shares as against 28,48,000 shares on offer, garnering 0.07 times bids. The retail investors category was subscribed 0.10 times while the non-institutional buyers' portion garnered 0.04 times bids so far.
Manoj Jewellers IPO is a fixed price of ₹ 16.20 crore, consisting entirely of a fresh issue of 30 lakh shares.
Manoj Jewellers IPO price has been fixed at ₹ 54 per share, with the minimum lot size for retail investors of 2000 shares. This means retail investors need at least ₹ 1,08,000 to subscribe to one lot of the IPO.
Investors plan to use the funds raised via the initial share sale for repayment or pre-payment of certain borrowings and general corporate purposes.
Shares of Manoj Jewellers IPO are slated to list on the BSE SME platform, with the likely listing date fixed as May 12.
However, before that the allotment of the IPO shares will be in focus. The tentative allotment date is fixed as Thursday, May 8. Credit of shares is likely on Friday, May 9, with initiation of refund also expected on the same day.
Jawa Capital Services Private is the book-running lead manager for Manoj Jewellers IPO, while Skyline Financial Services Private Ltd is the registrar for the issue.
The grey market premium or GMP for Manoj Jewellers IPO is nil. This means that company shares are trading at no premium or discount to the IPO shares, and could likely list at the issue price of ₹ 54.
Manoj Jewellers is engaged in the retail and wholesale business of jewellery and ornaments made from gold and diamonds, embellished with precious and semiprecious stones. Its product portfolio includes a wide range of items such as rings, earrings, armlets, pendants, gajrahs, nose rings, bracelets, chains, necklaces, bangles, and other wedding jewellery pieces.
The company has two showrooms, located in Chennai, Tamil Nadu.
On the financial front, its revenue from operations jumped 218% YoY from ₹ 13.63 crore in FY23 to ₹ 43.35 crore in FY24. Additionally the profit after tax also jumped multifold to ₹ 3.24 crore as of March 31, 2024 from ₹ 62 lakh the previous financial year.
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