Motisons Jewellers, a retail jewellery company based in Jaipur, announced that it secured slightly over INR 36 crore from anchor investors just days ahead of its inaugural public offering. As per information available on the BSE website, the company has allocated 66 lakh equity shares to two funds at INR 55 each, which represents the higher end of the price band.
Meru Investment Fund PCC-Cell 1 acquired 4.6 million equity shares, totaling INR 253 million, while Zinnia Global Fund PCC-Cell Dewcap Fund bought 2 million shares worth INR 110 million.
Collectively, their purchases amounted to INR 36.3 crore, as indicated by the data.
The maiden public issue comprises solely a fresh issue of 2.74 crore equity shares with no Offer For Sale (OFS) component.
The Initial Public Offering (IPO) with a price band of INR 52-55 is scheduled to open on December 18 and close on December 20.
At the higher limit of the price band, the IPO is expected to generate INR 151 crore.
The funds raised from the offering will be allocated towards repaying debts, meeting the company’s working capital needs, and, in part, for general corporate purposes.
Holani Consultants serves as the book-running lead manager for the offering. The equity shares are intended to be listed on both the BSE and the NSE.
