Priority Jewels IPO: Price band, dates and other details
Priority Jewels Ltd is set to launch its initial public offering (IPO) on August 28, with a price band of ₹190-200 per share. The three-day public issue will close on September 1, while bidding by anchor investors will take place on August 27, according to an announcement by the company, as reported by Business Standard and Free Press Journal.
The IPO comprises a fresh issue of up to 45.75 lakh equity shares (4.575 million shares), aggregating to ₹86.93 crore at the lower end of the price band and ₹91.50 crore at the upper end. At the upper price band, the post-issue implied market capitalisation of the company is estimated at around ₹360 crore.
Proceeds from the public issue will be used for debt payment and general corporate purposes.
Company background and offer structure
Incorporated in 2007, Priority Jewels is involved in the designing, manufacturing and sale of a variety of lightweight, diamond-studded gold and platinum jewellery.
The offer allocates 50% to qualified institutional buyers (QIBs), 15% to non-institutional investors (NIIs), and 35% to retail investors.
The shares are proposed to be listed on both BSE and NSE on September 4. Mefcom Capital Markets is the book-running lead manager to the issue, while MUFG Intime India is the registrar.