The M K Sons Fine Jewels IPO got booked 3.50 times by 2.30 pm on the final day. Non-institutional investors led the demand with 9.41 times subscription. The company fixed the price band at ₹153–₹162 per share. It plans to use the money to open new showrooms and repay borrowings.
The initial public offering (IPO) of M K Sons Fine Jewels was subscribed 3.50 times as of 2.30 pm on the final day of bidding. The non-institutional investors (NIIs) category led the demand, with subscriptions of 9.41 times, followed by the retail investor portion at 2.36 times. The qualified institutional buyers (QIBs) portion was subscribed 1.05 times.
M K Sons Fine Jewels has fixed the IPO price band at ₹153–₹162 per share. It comprised a fresh issue of up to 1.36 crore equity shares and an offer for sale (OFS) of up to 34 lakh equity shares by promoter Ramchand Murlidhar Raimalani.
At the upper end of the price band, the IPO is valued at ₹275.4 crore.
The company raised ₹82.62 crore from anchor investors by allotting 51 lakh equity shares to nine investors at ₹162 apiece.
The investors allotted shares in the anchor round include Goldman Sachs Bank Europe SE, Venus Investment VCC, Advent Global Fund PCC, Khandelwal Finance, Tiger Strategies Fund-I, Arnesta Global Opportunities Fund PCC, Zeal Global Opportunities Fund, Compact Structure Fund and Nexus Global Opportunities Fund.
There was no allocation to domestic mutual funds, life insurance companies or pension funds.
The company plans to use the proceeds from the fresh issue to set up a new showroom in Maharashtra, expand an existing showroom in Gujarat, repay or prepay certain borrowings and meet general corporate purposes.