Manoj Vaibhav's IPO subscribed nearly 58% on the second day of offer

The initial public offer of Manoj Vaibhav Gems N Jewellers was subscribed 58 per cent on day two of bidding on Monday.

The initial share sale received bids for 53,05,203 shares against 91,20,664 shares on offer, as per NSE data.

The retail individual investors (RIIs) part received 73 per cent subscriptions while the category for non-institutional investors subscribed 57 per cent. The quota for qualified institutional buyers (QIBs) was subscribed 33 per cent.

The IPO has a fresh issue of up to Rs 210 crore and an offer for sale of up to 28,00,000 equity shares.

The price range for the offer is Rs 204-215 per share.

The company mopped up Rs 81.05 crore from anchor investors on Thursday.

The company, a regional jewellery brand in South India, has a presence in Andhra Pradesh and Telangana, with 13 showrooms across eight towns and two cities.

The funds raised will be utilised for opening eight new showrooms, inventory for these new stores and general corporate purposes.

Bajaj Capital and Elara Capital (India) are the managers to the offer.

The equity shares are proposed to be listed on BSE and NSE.