The initial public offering (IPO) of Advit Jewels garnered robust investor interest, with the issue subscribed 149.23 times overall as of 2.15 pm on Thursday, the final day of bidding.
The non-institutional investor (NII) category led the demand, with subscriptions reaching 439.05 times. The retail investor portion was subscribed 77.93 times, while the qualified institutional buyers (QIB) segment was booked 56.45 times.
Ahead of the public issue, the company raised ₹49.52 crore from anchor investors.
The ₹165.16 crore IPO has fixed a price band of ₹130-138 per share and comprises an entirely fresh issue of 1.20 crore equity shares, with no offer-for-sale component.
According to the company, proceeds from the issue will be utilised towards repayment of borrowings amounting to ₹65 crore, funding working capital requirements of ₹65 crore and meeting general corporate purposes.
Advit Jewels is engaged in the manufacturing and sale of traditional and contemporary handcrafted fine jewellery. The company markets its products under the ‘Rambhajo’ brand and specialises in customised Kundan, Polki, diamond and studded jewellery.
The company’s equity shares are tentatively scheduled to be listed on the BSE and NSE on July 1.