Manoj Vaibhav Gems ‘N’ Jewellers shares saw a flat opening on the bourses on Tuesday. The share debuted on the NSE at Rs 215, which was the same as the IPO issue price of Manoj Vaibhav Gems ‘N’ Jewellers.
“The IPO received a muted response, and it was subscribed to only 2.25 times. This could be due to a number of factors, including the high IPO price, the company’s relatively small size, and the competitive jewelry market. Overall, the listing of Manoj Vaibhav Gems and Jewels was in line with expectations. Investors who received allotments in the IPO should consider exiting their position,” said Shivani Nyati, Head of Wealth, Swastika Investmart.
Manoj Vaibhav Gems ‘N’ Jewellers IPO opened for public subscription on Friday, September 22, 2023 and closed on Tuesday, September 26, 2023. The IPO comprised a fresh issue of 9,767,442 shares aggregating up to Rs 210 crore and Offer for Sale of 2,800,000 shares aggregating up to Rs 60.20 crore. The price band for its public issue at Rs 204-215 per equity share of face value of Rs 10 each. Manoj Vaibhav Gems ‘N’ Jewellers IPO was subscribed 2.33 times. The portion for non-institutional investors received a 5.40-time subscription, QIB category was subscribed 1.08 times, and the Retail Individual Investors (RIIs) quota was subscribed 1.73 times.
They are a hyperlocal jewellery retail chain with a presence in the micro-markets of Andhra Pradesh and Telangana, with 13 showrooms (inclusive of two franchisee showrooms) across 8 towns and 2 cities. They had a market share of 4% of the overall Andhra Pradesh and Telangana jewellery markets and ~10% of the organised market in these two states in FY2023.