The initial public offering (IPO) for Manoj Jewellers kicked off on May 5, but interest in the company’s shares appears to be tepid. With a lack of enthusiasm reflected in the grey market, the early subscription figures have raised eyebrows among investors. As the market watches closely, it remains to be seen how this offering will unfold in the coming days.
Manoj Jewellers IPO Subscription Overview
As of 11:40 AM, the subscription status for the Manoj Jewellers IPO showed that only 206,000 shares had been requested out of a total of 2.84 million shares available, resulting in a mere 0.07 times overall subscription. Breaking down the numbers:
- Retail Investors: Subscribed 0.10 times
- Non-Institutional Buyers: Subscribed 0.04 times
Key Details About the IPO
The Manoj Jewellers IPO is set at a fixed price, intending to raise ₹16.20 crore through the issuance of 3 million shares. Each share is priced at ₹54, with a minimum subscription requirement of 2,000 shares for retail investors, translating to an investment of ₹108,000 for one lot.
Investors are eyeing the proceeds from this IPO to manage debt repayment and cover general corporate expenses. The shares are expected to debut on the BSE SME platform, with a listing date targeted for May 12. Ahead of that, the all-important allotment process will occur, with a tentative date set for May 8. Share credits are likely to be processed on May 9, along with expected refunds.
Market Performance and Grey Market Premium
Currently, the Grey Market Premium (GMP) for the Manoj Jewellers IPO stands at nil, indicating that the shares are likely to list at the issue price of ₹54 without any premium or discount. Investors are keeping a close watch on how the market sentiment may shift as the listing date approaches.
About Manoj Jewellers
Manoj Jewellers specializes in both retail and wholesale jewellery, focusing on exquisite pieces crafted from gold and diamonds, often adorned with precious and semi-precious stones. Their diverse range includes:
- Rings
- Earrings
- Pendants
- Nose Rings
- Bracelets
- Necklaces
- Wedding jewellery
With two showrooms located in Chennai, Tamil Nadu, the company is well-positioned within the bustling jewellery market.
Financial Performance Snapshot
Manoj Jewellers has reported impressive growth in its financial results, with revenue from operations soaring by 218% year-over-year, jumping from ₹13.63 crore in FY23 to ₹43.35 crore in FY24. Additionally, the profit after tax has seen a remarkable increase, reaching ₹3.24 crore as of March 31, 2024, compared to just ₹62 lakh the previous year.
As the IPO progresses, investors remain hopeful for a turnaround in interest, which could impact the overall performance of Manoj Jewellers in the public market.
