Advit Jewels IPO subscribed 5.14 times so far on Day 1: Check price band, lot size, objectives and key dates

The initial public offering of Advit Jewels was fully subscribed within an hour of opening for subscription on Tuesday, June 23. The issue, which will end on June 25, has fixed a price band of ₹130 to ₹138 per share.

The initial share sale is a fresh issuance of 1.20 crore shares valued at ₹165.16 crore. There is no offer for sale (OFS) component.

The fresh issue proceeds will be used for the following objectives:

• Funding incremental working capital requirements
• Repayment, in full or in part, of certain outstanding borrowings
• General corporate purposes

Advit Jewels IPO Day 1: Subscription status

The issue has been subscribed 5.14 times so far on the first day of bidding on Tuesday. It secured bids for 4,30,37,900 shares as against 83,79,300 shares on offer, according to the NSE data until 12:50 pm.

The minimum investment for a retail investor is one lot or 100 shares. The company has reserved half of the net offer for QIBs, 15% for NIIs and 35% for retail investors.

Prior to the issue, the company mobilised ₹49.52 crore in the anchor round from investors such as Holani Venture Capital Fund-1, Mint Focused Growth Fund PCC-Cell 1, Taurus Mutual Fund and Venus Investment VCC Venus Stellar Fund.

The Jaipur-based firm allotted 35.88 lakh shares to anchor investors at the upper price band of ₹138 apiece.

Advit Jewels IPO timeline

Advit Jewels manufactures and sells traditional and contemporary handcrafted fine jewellery. Its products are marketed under the 'Rambhajo' brand. It specialises in customised Kundan, diamond, Polki and studded jewellery.