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Motisons Jewellers IPO opens for subscription, trading at ₹120 in grey market
Motisons Jewellers' IPO comprises a fresh issue of 2.74 crore equity shares, but there is no Offer for sale (OFS) component.
Jaipur-based jewellery company Motisons Jewellers opened its initial public offering for subscription on Monday, setting a price band of ₹52-55 a share. The subscription will remain open till December 20.
Motisons Jewellers' IPO comprises a fresh issue of 2.74 crore equity shares, but there is no Offer for sale (OFS) component.
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An offer for sale (OFS) is a method in which promoters of public companies can sell their shares and reduce holdings in a transparent manner via the bidding platform for the exchange.
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At the upper end of the price band, the IPO will fetch ₹151 crore.
Motisons Jewellers IPO GMP
According to topsharebrokers.com, the grey market premium of Motisons Jewellers IPO is currently trading at ₹120.
A grey market is basically an unofficial stock and applications market. The investors trade for shares before they are officially listed on the stock exchange.
The company is planning to use proceeds from the IPO for debt payment, funding the working capital requirement of the company and a portion will also be used for general corporate purposes.
The investors can bid for a minimum of 250 equity shares and in multiples of 250 equity shares thereafter.
Holani Consultants is the book-running lead manager for the IPO of Motisons Jewellers. The equity shares are likely to be listed on BSE and NSE on December 26.
In October, the company had garnered ₹33 crore in its pre-IPO funding round. According to a public notice, Motisons Jewellers had undertaken the pre-IPO placement of 6 million shares at an issue price of ₹55 per equity share for an amount aggregating to ₹33 crore by way of a private placement.
