Advit Jewels IPO Day 2: Issue booked 25 times so far; check category-wise subscription status

The initial public offering of Advit Jewels has been subscribed 25.28 times so far on the second day of bidding on Wednesday, June 24. It has secured bids for 21,18,18,500 shares compared to 83,79,300 shares on offer, according to the NSE data until 12:33 pm.

The part reserved for qualified institutional buyers (QIBs) has been subscribed 1.15 times, as they applied for 27,63,100 shares against 23,92,600 shares on offer. The non-institutional investors (NIIs) placed bids for 11,18,34,500 shares compared to 17,96,700 shares reserved, leading to 62.24 times subscription.

Retail investors applied for 9,72,20,900 shares as against 41,90,000 shares on offer. This reflects a subscription of 23.20 times.

The company's IPO, which has set a price band of ₹130 to ₹138 per share, will conclude on June 25.

The initial share sale comprises a fresh issuance of 1.20 crore shares, without an offer-for-sale (OFS) component.

Proceeds from the issue to the tune of ₹65 crore will be used towards the repayment of borrowings and ₹65 crore for funding working capital requirements. The remaining funds will be used for general corporate purposes.

The lot size for an application is one lot or 100 shares. The company has kept aside half of the net offer for QIBs, 15% for NIIs and 35% for retail investors.

Before the IPO, the firm secured ₹49.52 crore from anchor investors, including Holani Venture Capital Fund-1, Taurus Mutual Fund, Venus Investment VCC Venus Stellar Fund and Mint Focused Growth Fund PCC-Cell 1. It allotted 35.88 lakh shares in the anchor round at the upper price band of ₹138 apiece.

Advit Jewels IPO allotment and listing date

Advit Jewels Ltd makes and sells traditional and contemporary handcrafted fine jewellery.

Advit Jewels IPO GMP

According to investorgain.com and media reports, Advit Jewels Ltd's unlisted shares were trading at ₹194 per share, reflecting a grey market premium (GMP) of 40.58% or ₹56 over the upper price band of ₹138.