Manoj Vaibhav Gems 'N' Jewellers shares makes a dull start; list at par with IPO price

Shares of Manoj Vaibhav Gems 'N' Jewellers made a muted debut at Dalal Street on Tuesday as the jewelry maker debuted at Rs 215 on the National Stock Exchange (NSE), exactly at par. The company had issued its shares at Rs 215 apiece. The stock debuted on BSE at the same price.

Ahead of its listing, shares of Manoj Vaibhav Gems 'N' Jewellers were commanding no premium in the grey market, suggesting a listing at par on the debut. The company lost all the momentum it had built-up ahead of its IPO as the demand in the unofficial market fizzled out soon. However, the premium in the grey market stood around to Rs 18-20 earlier.

Manoj Vaibhav Gems 'N' Jewellers sold its shares in the price band of Rs 204-215 apiece with a lot size of 69 equity shares and its multiples thereafter. The company raised a little more than Rs 270 crore, of which Rs 210 crore constitutes the sale of fresh equity shares. Remaining Rs 60.20 crore were raised by offer-for sale (OFS) of up to 28 lakh equity shares.

The issue was overall subscribed 2.33 times, with NIIs allocations getting the highest subscription at 5.40 times. Retail quota received bids for 1.73 times while QIB portion fetched 1.08 times subscription. The issue was managed by Bajaj Capital and Elara Capital (India) are the lead managers to the issue, while Bigshare Services was the registrar for the issue.

Incorporated in 2003, Vaibhav Jewellers is a South India-based regional jewelry company which offers gold, silver jewelry; diamond jewelry; precious gemstones; and other jewelry products. It sells its product range through its retail showrooms in micro markets of Telangana and Andhra Pradesh and through its website. 

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