An amazing reaction was received by Ahmedabad-based jewellery manufacturer Motisons Jewellers upon its initial public offering (IPO). At the opening price of Rs 105, the shares was substantially more expensive than the Rs 55 offer price.
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Motisons Jewellers IPO
The initial public offering (IPO) of Motisons Jewellers, a jewellery company based in Ahmedabad, received an amazing reaction. The National Stock Exchange (NSE) listed Motisons Jewellers shares on Tuesday, with a 91% premium above the issue price. At launch, the stock price of Rs 105 was substantially higher than the Rs 55 offer price. Similar to this, it made its debut at an 89% premium at Rs 103.9 on the Bombay Stock Exchange (BSE).
What to expect?
The IPO attracted a lot of interest from investors, creating a lot of hype in the industry. Since the IPO announcement, the stock’s Grey Market Premium (GMP) has continuously stayed 100% above the issue price, per an ET report.
The IPO set a record with an astounding 47.44 lakh applications, which ranked it as the third-highest ever received for an IPO. With 75 lakh applications and 50 lakh applications, respectively, Tata Tech and LIC were the two most popular initial public offerings (IPOs).
Motisons IPO reservation
25,829,700 shares are available in the Motisons Jewellers IPO. QIB received 5,494,200 (21.27%), NII received 4,120,650 (15.95%), RII received 9,614,850 (37.22%), and Anchor investors received 6,600,000 (25.55%). A minimum of 250 shares will be given to 38,459 RIIs, while a minimum of 3,750 shares will be given to 366 (sNII) and 732 (bNII).
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According to Prathamesh Masdekar, the company’s strong listing is due to its well-established business that skillfully combines tradition and market sensitivity, its extensive product portfolio that serves a wide range of market segments, and its well-located showrooms that increase revenue per square foot.
