The Rs 270-crore initial public offering (IPO) of Manoj Vaibhav Gems N Jewellers had a lackluster opening on September 22, with only a 12 percent subscription rate. Investors bid for 8.91 lakh shares out of the total offer size of 91.2 lakh shares.
Among the investor categories, retail investors subscribed to 23 percent of their allotted shares, while high net worth individuals (HNIs) subscribed to only 4 percent. The IPO allocation reserved 35 percent for retail investors, 15 percent for HNIs, and the remaining 50 percent for qualified institutional buyers (QIBs), who had not yet participated in the offering.
The IPO is composed of a fresh issuance of shares valued at Rs 210 crore and an offer-for-sale of shares worth Rs 60.20 crore by the promoter, Grandhi Bharata Mallika Ratna Kumari (HUF).
