Manoj Vaibhav Gems IPO Listing: Manoj Vaibhav Gems ‘N’ Jewellers is set to make its stock market debut on Tuesday. The initial public offering (IPO) of jewellery brand Manoj Vaibhav Gems was concluded on September 26.
Manoj Vaibhav IPO listing date has been fixed on October 3 and the shares will be listed on both the stock exchanges, BSE and NSE.
The shares of Manoj Vaibhav Gems ‘N’ Jewellers Ltd are likely to see a tepid listing on the bourses as the stock has been trading flat in the grey market or unofficial market.
Manoj Vaibhav IPO GMP Today
Manoj Vaibhav IPO GMP today or grey market premium is ₹0 per share, as per market observers. This indicates that Manoj Vaibhav share price was trading flat at its issue price, without any premium or discount, in the grey market on Monday ahead of listing.
Manoj Vaibhav shares have lost all the premium it was commanding in the grey market before the IPO. The grey market premium before the IPO was open for bidding was around ₹18-20 per share.
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Considering the upper end of the IPO price band and the GMP today of ₹0, the estimated listing price of Manoj Vaibhav shares is ₹215 apiece, which is at par with the issue price.
The likely tepid listing of Manoj Vaibhav IPO may be on the back of low subscription and lower analysts’ coverage.
Manoj Vaibhav IPO opened for subscription on September 22 and closed on September 26. The public issue was subscribed 2.25 times in total as it received bids for 2.05 crore equity shares as against 91.20 lakh shares on the offer, according to data available on NSE.
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The IPO has been booked 1.66 times in the retail category and 5.18 times in the Non-Institutional Investors’ (NII) category. The Qualified Institutional Buyers’ (QIB) portion was subscribed 1.06 times at the end of the bidding period.
Manoj Vaibhav Gems IPO price band was fixed at ₹204 to ₹215 per equity share. The total IPO size is 1.25 crore equity shares worth ₹270.20 crore, which comprises a fresh issue of 97.67 lakh shares aggregating to ₹210.00 crore and an offer for sale of 28 lakh shares aggregating to ₹60.20 crore.
Bajaj Capital Ltd and Elara Capital (India) Pvt Ltd are the book running lead managers for the IPO while Bigshare Services Pvt Ltd is the official IPO registrar.
Manoj Vaibhav Gems IPO allotment was finalised on September 27.
Manoj Vaibhav Gems ‘N’ Jewellers Ltd is a hyperlocal jewellery retail chain with a presence in the micro markets of Andhra Pradesh and Telangana with 13 showrooms across 8 towns and 2 cities.
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Updated: 02 Oct 2023, 10:24 AM IST