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Priority Jewels IPO Oversubscribed 29x
1 Sep
Summary
- Priority Jewels IPO saw 29.03 times subscription on its second day.
- Non-institutional investors subscribed 42.32 times, retail 38.96 times.
- The IPO aims to raise Rs 91.50 crore and closes on September 1.
The initial public offering (IPO) for Priority Jewels Ltd has demonstrated substantial investor demand, reaching a 29.03 times subscription level by the second day of bidding on Monday. A total of 9,29,66,850 shares were bid for, significantly exceeding the 32,02,500 shares available.
The enthusiasm was particularly high among non-institutional investors, whose portion was subscribed an impressive 42.32 times. Retail investors also showed strong commitment, with their quota being subscribed 38.96 times. Qualified Institutional Buyers (QIBs) participated with 1.68 times subscription.
This public offering, which has a price band set between Rs 190 and Rs 200 per share, aims to raise Rs 91.50 crore at the upper end of the price band through a fresh issue of up to 45.75 lakh equity shares. The bidding process for the IPO is scheduled to conclude on September 1.
Prior to the public sale, Priority Jewels Ltd successfully raised Rs 27.5 crore from four anchor investors, including notable entities like WhiteOak Capital and Sanshi Fund-I.
