Jewellery maker and exporter Tara Jewels' initial public offer (IPO) got subscribed by more than 1.88 times on the final day of its issue today.
The IPO attracted bids for about 1.28 crore shares against 68.18 lakh shares on offer by 1700 hrs, as per information available with the stock exchanges.
The company attracted bids worth Rs 289 crore.
Till yesterday, the IPO had received subscription for just 16 per cent of total shares on offer, that included 10 per cent subscription from retail investors.
The company said the issue comprises fresh equity shares worth Rs 197.5 crore and an offer for sale (OFS) of Rs 70 crore worth of shares by Fabrikant H K Trading.
The company had alloted shares worth over Rs 26 crore to two anchor investors. It had fixed a price band of Rs 225 to Rs 230 per share.
The issue opened on November 21.
The company plans to use funds to expand its retail presence as well as for payment of loans.
It conducts jewellery retail operations in the domestic market under the brand 'Tara Jewellers' and has 30 stores spread mainly in west, central and the north.
Enam Securities and ICICI Securities are book running lead managers to the issue, while Link Intime India isthe registrar to the issue.
The equity shares are proposed to be listed on the BSE and NSE.