Pushpa Jewellers' Rs 98.6-cr IPO gets 2.46 times subscription

New Delhi, Jul 2 (PTI) The initial public offer of Pushpa Jewellers garnered 2.46 times subscription on the closing day of bidding on Wednesday.

The initial public offer got bids for more than 1.36 crore equity shares against 57.55 lakh shares on offer, as per the NSE data.

The retail individual investors (RIIs) category received 3.71 times subscription, while the portion for non-institutional investors got subscribed 2.51 times. The Qualified Institutional Buyers (QIBs) part received 1.18 times subscription.

Pushpa Jewellers on Friday said it raised Rs 14.05 crore from anchor investors.

The company had fixed a price band of Rs 143-147 per share.

The company's IPO is a combination of fresh issue of 53.70 lakh shares aggregating to Rs 78.94 crore and offer for sale of up to 13.41 lakh shares aggregating to Rs 19.71 crore by promoters Mridul Tibrewal and Anupam Tibrewal.

Proceeds from the fresh issue will be utilised by the company to meet working capital requirements, to finance the establishment of proposed new showroom.

In addition, proceeds from the IPO will also be used for inventory cost of the new showroom, general corporate purposes and to meet the offer related expenses.

Incorporated in 2009, Kolkata-based Pushpa Jewellers specialises in lightweight 22kt designs that blend traditional Indian craftsmanship with modern aesthetics. It sells a range of traditional and modern gold jewellery.

The company's shares will be listed on the NSE Emerge platform. PTI HG HVA