The company’s shares are expected to list on the exchanges on December 26. At the upper price band of Rs 55, the stock is trading nearly 145% higher than the offer price.
However, it is important to note that grey market premiums are just an indicator as to how the company’s shares are stacked up in the unlisted market and are subject to change rapidly.
The public offer of Motisons Jewellers was subscribed 159.6 times at close, led by heavy bidding by qualified institutional buyers and non-institutional investors.
The retail portion of the issue was subscribed 122.28 times, and the non-institutional category’s subscription rate stood at 233.91 times. The allocation for qualified institutional bidders was booked 157.4 times.
Proceeds from the issue will be utilised to the extent of Rs 58 crore for debt payment, Rs 71 crore for funding the working capital requirement of the company and a portion will also be used for general corporate purposes.
Motisons Jewellery is a hyperlocal jewellery retail chain in Jaipur with four showrooms (inclusive of one flagship showroom). The company primarily sources finished jewellery from third-party suppliers across India and its business involves the sale of jewellery made of gold, diamond, kundan etc.The product portfolio comprises over 300,000 jewellery designs, including a wide range of gold, diamond and other jewellery items across different price points.
For the three months ended June, the company clocked revenue of Rs 86.7 crore and a profit of Rs 5.47 crore. In FY23, its revenue from operations rose 16% year-on-year (YoY) to Rs 366 crore, while profit jumped 51% to 22.19 crore.