Motisons Jewellers Ltd.'s initial public offering has been fully subscribed on the first day, on the back of high demand from retail investors.
As of 11:40 a.m. on Monday, the IPO had been subscribed 3.88 times and was fully subscribed within an hour of opening. It will conclude on Wednesday.
The IPO is purely a fresh issue offering, with 2.75 crore share available for subscription. At the upper limit of the price band, the company is looking to raise up to Rs 151.25 crore.
The jewellery retailer will use the proceeds to reduce existing borrowings worth Rs 58 crore, taken from commercial banks.
Motisons Jewellers is the largest jewellery retail business in Rajasthan, with focus on gold, diamond, and silver, Laksh Chhabra, managing director of the company, told NDTV Profit.
The company has the highest profit margin among peers, at 6.06% in FY23, according to Chief Financial Officer Kaustubh Chhabra.
Around 94.9% of the company's revenue comes from retail sales. The revenue from operation of the jewellery maker stood at Rs 366.2 crore in FY23.
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