Jewellery chain Manoj Vaibhav's Rs.270-Cr IPO gets 2.25 times bids

The INR 270 crore initial public offering of jewellery chain Manoj Vaibhav Gems 'N' Jewellery was subscribed 2.25 times. The qualified institutional buyers' portion was subscribed 1.06 times. The retail investors' segment was subscribed 1.66 times, while the non-institutional investor portion was subscribed 5.18 times. Incorporated in 2003, Manoj Vaibhav Gems 'N' Jewellers, is a South India-based regional jewelry brand. It sells its product range through its retail showrooms in micro markets of Telangana and Andhra Pradesh and along with its website. The firm had raised INR 81.06 crore from eight anchor investors. It allocated 37,70,160 equity shares at INR 215 apiece. Bajaj Capital and Elara Capital (India) are the lead managers to the issue.