Motisons Jewellers garners ₹36.3 crore via anchor book ahead of IPO

Jaipur-based Motisons Jewellers has successfully raised ₹36.3 crore from anchor investors on December 15, just a day prior to the commencement of the public offering. The anchor book saw participation from only two investors.

The public issue is scheduled to open for subscription on December 18, with the closing date set for December 20.

During the anchor investment phase, Meru Investment Fund PCC-Cell 1 acquired 46 lakh equity shares, totaling ₹25.3 crore, while Zinnia Global Fund PCC-Cell Dewcap Fund purchased 20 lakh shares with a total value of ₹11 crore.

The company has confirmed the allocation of 6.6 million equity shares to anchor investors at a price of ₹55 per share. It is noteworthy that, out of this total allocation to anchor investors, no shares were allotted to funds.

The Chhabra family-owned jewellery maker intends to raise a total of ₹151.09 crore through its initial public offering at the upper price band, comprising only a fresh issue component of 2.74 crore equity shares.

The price band for the offer has been fixed at ₹52-55 per share.

Of the net fresh issue proceeds, ₹58 crore will be utilised for repayment of debt and ₹71 crore for working capital requirements. And the remaining will be set aside for general corporate purposes going ahead.

In addition to the aforementioned fundraising strategy, Motisons, which operates a network of four jewelry showrooms in the vibrant Pink City, has already secured ₹33 crore through a pre-IPO placement at the same valuation, preceding the submission of a red herring prospectus to the Registrar of Companies (ROC).

This marks one of the eight initial public offerings (IPOs) set to debut on Dalal Street next week. The other IPOs include Muthoot Microfin, Suraj Estate Developers, Happy Forgings, RBZ Jewellers, Credo Brands Marketing, Azad Engineering, and Innova Captab.