New Delhi, Oct 29 (PTI) The initial public offering of M K Sons Fine Jewels Ltd was fully subscribed on

New Delhi, Oct 29 (PTI) The initial public offering of M K Sons Fine Jewels Ltd was fully subscribed on

New Delhi, Oct 29 (PTI) The initial public offering of M K Sons Fine Jewels Ltd was fully subscribed on

New Delhi, Oct 29 (PTI) The initial public offering of M K Sons Fine Jewels Ltd was fully subscribed on the second day of bidding on Thursday.

     The IPO received bids for 1,40,02,989 shares against 1,19,00,000 shares on offer, leading to an overall subscription of 1.18 times, as per the NSE data.

     The non-institutional investors segment was subscribed 2.20 times, while the Qualified Institutional Buyers (QIBs) category was booked 99 per cent. The retail quota was subscribed 85 per cent.

     M K Sons Fine Jewels Ltd on Tuesday raised Rs 82.62 crore from anchor investors.

     The M K Sons Fine Jewels IPO will close on October 30. The IPO price band has been fixed at Rs 153-162 per share.

     The IPO comprises a fresh issue of up to 1.36 crore equity shares and an offer-for-sale (OFS) of up to 34 lakh equity shares by promoter Ramchand Murlidhar Raimalani. At the upper end of the price band, the issue is valued at Rs 275.4 crore.

     Proceeds from the fresh issue will be used to set up a new showroom in Maharashtra, expand an existing showroom in Gujarat, repay or prepay certain borrowings and for general corporate purposes.

     Incorporated in 2012, M K Sons Fine Jewels is engaged in designing, manufacturing and retailing fine jewellery. It offers gold, diamond and cubic zirconia (CZ) jewellery through its company-owned stores.

     The company operates five showrooms across Mumbai and Ahmedabad, catering to customers with contemporary and bridal jewellery collections.

     Aryaman Financial Services is the sole book-running lead manager to the issue, while Bigshare Services is the registrar.

(This story has not been edited by THE WEEK and is auto-generated from PTI)