Shares of Manoj Vaibhav Gems 'N' Jewellers Ltd. witnessed a muted opening at Rs 215 apiece on the National Stock Exchange and on BSE against the IPO price of Rs 215.
The shares closed end at 0.30% premium at Rs 215.65 apiece
The Rs 270.20 crore IPO was subscribed 2.25 times on its final day, led by non-institutional investors (5.18 times). The retail basket was subscribed 1.66 times, whereas QIB portion was subscribed 1.06 times.
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Business
The company, also known as Vaibhav Jewellers, is a regional jewellery brand in South India. Incorporated in 2003, the company offers a range of gold, silver, and diamond jewellery along with precious gemstones.
The company has a presence in the micromarkets of Andhra Pradesh and Telangana and conducts business via their website and their 13 showrooms, inclusive of two franchisees, spread across eight towns and two cities. The company had a 4% market share of the overall Andhra Pradesh and Telangana jewellery markets and a 10% market share of the organised market in these two states in FY23, according to a Technopak Report.
IPO Adda | All You Need To Know About Manoj Vaibhav Gems 'N' Jewellers' IPO
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