Manoj Vaibhav Gems IPO Day 2: Issue booked 58%; check GMP, subscription status, other details

Manoj Vaibhav Gems IPO: The initial public offering (IPO) of jewellery brand Manoj Vaibhav Gems ‘N’ Jewellers Ltd, has received lukewarm response from investors. The ₹270.20-crore worth Manoj Vaibhav IPO opened for subscription on September 22 and will close on September 26.

Manoj Vaibhav Gems ‘N’ Jewellers Ltd is a hyperlocal jewellery retail chain with a presence in the micro markets of Andhra Pradesh and Telangana with 13 showrooms across 8 towns and 2 cities.

Let us check Manoj Vaibhav Gems IPO subscription status, GMP today and other key details.

Manoj Vaibhav Gems IPO Subscription Status

Manoj Vaibhav Gems IPO has been subscribed 58% on Monday, the second day of the bidding process. The public issue received bids for 53,11,689 equity shares as against 91,20,664 shares on the offer, according to BSE data.

As per data available of stock exchanges, the IPO has been booked 73% in the retail category and 57% in the Non-Institutional Investors’ (NII) category. The Qualified Institutional Buyers (QIB) was subscribed 33%.

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Manoj Vaibhav Gems IPO GMP Today

Manoj Vaibhav Gems IPO GMP today, or grey market premium today, is ₹18 per share, as per market observers. This indicates that Manoj Vaibhav Gems shares are trading higher by ₹18 than their issue price, in the grey market.

The latest GMP and the issue price show that the estimated listing price of Manoj Vaibhav Gems shares could be ₹233 apiece on the stock exchanges BSE and NSE.

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Manoj Vaibhav Gems IPO Details

Manoj Vaibhav IPO opened for subscription on September 22 and will close for bidding on September 26. The Manoj Vaibhav Gems IPO price band has been fixed at ₹204 to ₹215 per equity share. 

The south Indian jeweller aims to raise ₹270.20 crore from its public issue of 1.25 crore equity shares. The IPO comprises a fresh issue of 97.67 lakh shares aggregating to ₹210.00 crore and an offer for sale of 28 lakh shares aggregating to ₹60.20 crore.

The IPO lot size is 69 shares and the minimum investment amount required by retail investors is ₹14,835.

The company has already raised ₹81.06 crore from anchor investors on September 21 ahead of the IPO opening. It has allocated 37.70 lakh shares to the anchor investors.

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Bajaj Capital Ltd and Elara Capital (India) Pvt Ltd are the book running lead managers for the IPO while Bigshare Services Pvt Ltd is the official IPO registrar.

The announcement of share allocation can be expected on September 27, while the company may initiate refunds on September 29.

Manoj Vaibhav Gems IPO listing date is estimated to be October 3 and the shares will be listed on BSE and NSE.

Manoj Vaibhav Gems IPO Review

Based on the prospects of the sector, the company’s product catalogue, its stronghold in the southern markets and a good track record, the pricing looks attractive vis-à-vis its peers as it values Manoj Vaibhav Gems ‘N’ Jewellers at 11.7x of its FY23 earnings, BP Equities said. 

The brokerage recommends a ‘Subscribe’ rating to the issue. 

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Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.