Kabra Jewels IPO Day 3: 350x Subscription; GMP Soars To 90%; Check Allotment Date

The initial public offering of Kabra Jewels Ltd. that opened for subscription on Wednesday will close on Jan. 17.

On the final day of bidding on Friday, Kabra Jewels IPO has been subscribed over 350 times as of 04:24 p.m.

Kabra Jewels, engaged in the retail jewellery business, is offering to raise Rs 40 crore from the primary market. The SME IPO is an entirely fresh issuance of 31.25 lakh shares with no offer-for-sale component.

Here's all you need to know about the Kabra Jewels SME IPO as bidding on Day 3 resumes.

Kabra Jewels' IPO price band has been set in the range of Rs 121 to Rs 128 with a face value of Rs 10 per share. Retail investors may submit their bid with a minimum lot size of 1,000 shares resulting in an investment of Rs 1,28,000 for a single application.

Kabra Jewels raised Rs 10.87 crore from anchor investors ahead of the IPO opening on Wednesday. The company has appointed Marwadi Chandarana Intermediaries Brokers Pvt. as the sole book-running lead manager for the issue whereas Cameo Corporate Services Ltd. is its registrar. Giriraj Stock Broking Pvt. is the market maker for Kabra Jewels IPO.

Kailash Kabra and Jyothi Kailash Kabra are the promoters of the company.

The IPO has been subscribed 352.09 times as of 4:24 p.m. on Friday, as per Chittorgarh.

• Qualified Institutions: 154.53 times

• Non-Institutional Buyers: 556.58 times

• Retail Investors: 377.17 times

*The subscription status will be updated at regular intervals.

Kabra Jewels IPO GMP is Rs 115 as of 12:25 p.m. on Jan. 17. This indicates Kabra Jewels' shares were trading at a premium of Rs 115 in the grey market, according to IPO tracking site Investorgain.com.

Considering the IPO price band's upper end and the grey market's current premium, the estimated listing price of Kabra Jewels share price is indicated at Rs 243 per share, which is 89.84% higher than the IPO price of Rs 60.

Note: GMP or grey market price is not an official price quote for the stock and is based on speculation.

The bidding window for Kabra Jewels IPO will be open till Jan. 17. Allotment of Kabra Jewels shares in the offer is scheduled to be done on Jan. 20 followed by credit of shares into the demat account of successful bidders on Jan. 21. Initiation of refunds for non-allottees will also be done on Jan. 21.

Kabra Jewels shares are likely to get listed on the NSE SME on Jan. 22.

Kabra Jewels Ltd. is a retailer of jewellery offering gold, diamond and silver ornaments. The company designs, manufactures, and sells a wide range of gold, studded, and other jewellery products across various price range. 

Kabra Jewels Ltd. has proposed to use the net proceeds from the IPO to settle its debts, meet working capital requirements and for general corporate purposes.

Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read red herring prospectus thoroughly before placing bids.