Nityas Gems and Jewellery IPO 1.08x subscribed and aims 108.42cr
Business
Nityas Gems and Jewellery's IPO was 1.08 times subscribed as of 11:00am on October 5, with bidding open until October 5.
Shares were offered at ₹70 to ₹75 each, and the company aimed to raise ₹108.42 crore through a fresh equity issue (no shares were sold by existing owners this time).
Retail bids reach 1.56cr versus 1.44cr
Retail investors really showed up. In total, bids came in for 1,56,11,600 shares against 1,44,56,000 shares on offer, and even the gray market hinted at good vibes with a small premium.
Most of the money raised will go toward working capital to help Nityas (a Gujarat-based diamond-studded gold jewelry maker) grow its business, including its Ayaani Diamonds and Jewellery subsidiary.
Allotment results are expected on October 6, with trading set to start October 8.