Motisons Jewellers will open its initial public offering (IPO) for subscription from 18 December to 20 December, with the allocation to anchor investors scheduled for December 15.
The Jaipur-based retail jeweler, which filed its Draft Red Herring Prospectus (DRHP) in March and obtained regulatory approval in September, raised Rs 33 crore in a pre-IPO funding round in October.
The price band for the IPO, involving a fresh issue of 2.71 crore shares, will be disclosed on Tuesday. The offer reserves 50 per cent for qualified institutional buyers, 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors.
Proceeds from the IPO will be utilized, with Rs 58 crore allocated for debt payment, Rs 71 crore for fulfilling working capital requirements, and a portion earmarked for general corporate purposes.
Motisons Jewellery operates a hyperlocal jewelry retail chain in Jaipur, boasting four showrooms, including a flagship one. The company sources finished jewelry from third-party suppliers across India, offering a diverse range, including gold, diamond, and kundan jewelry with over 300,000 designs at various price points.
In the three months ending June, the company recorded revenue of Rs 86.7 crore and a profit of Rs 5.47 crore. For FY23, revenue from operations increased by 16 per cent YoY to Rs 366 crore, and profit surged by 51 per cent to Rs 22.19 crore.
Holani Consultants serves as the sole book-running lead manager, while Link Intime India Private Limited acts as the registrar. The IPO share allotment is set for 21 December and the anticipated listing date is 26 December.
