M K Sons Fine Jewels IPO subscribed 5 times on final day

New Delhi, Oct 30 (PTI) The initial public offering of M K Sons Fine Jewels Ltd received 5.09 times subscription on the final day of bidding on Friday.

     The Rs 275-crore IPO received bids for 6,06,26,566 shares against 1,19,00,000 shares on offer, as per data available with the NSE.

     The category for non-institutional investors was subscribed 14.12 times, while the quota for retail investors received 3.08 times subscription. The category for Qualified Institutional Buyers (QIBs) got subscribed 1.84 times.

     M K Sons Fine Jewels on Tuesday raised Rs 82.62 crore from anchor investors. 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 shares by promoter Ramchand Murlidhar Raimalani.

     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)