Stories
Nityas Gems and Jewellery IPO Subscribed 20% on Opening Day, Retail Investors Lead Demand
- •Nityas Gems and Jewellery Limited's IPO received a 20 percent subscription on its opening day, September 30, with bids for 28,79,000 shares against 1,44,56,000 shares on offer.
- •Retail investors led the demand, subscribing to 52 percent of their portion, while non-institutional investors (NII) subscribed 11 percent.
- •The IPO, aiming to raise Rs 108.42 crore, has a price band of Rs 70-75 per share and will remain open until October 5.
- •The company plans to utilize Rs 70 crore of the net IPO proceeds for working capital requirements, with the remainder for general corporate purposes.
- •Nityas Gems and Jewellery, a Gujarat-based company, manufactures diamond-studded gold jewellery primarily under a B2B model and also has a D2C business through its subsidiary, Ayaani Diamonds and Jewellery.
Key Questions Answered
The Nityas Gems and Jewellery IPO opened with a 20 percent subscription on its first day by 5:00 pm on September 30, driven largely by retail investors. The public issue features a price band of Rs 70 to Rs 75 per share and aims to raise Rs 108.42 crore through an entirely fresh issue of 1.44 crore shares.
The company intends to allocate Rs 70 crore of the net proceeds from the fresh issue toward fulfilling its working capital requirements. The remaining funds from the public offering will be designated for general corporate purposes.
The anchor book for the IPO opened on September 29, followed by the public subscription period from September 30 to October 5. The share allotment is expected to be finalized on October 6, with equity trading anticipated to begin on the bourses on October 8.
