Motisons Jewellers IPO allotment: Check application status, latest GMP and listing date

21/12/2023

Motisons Jewellers is scheduled to announce the basis of allotment of its shares most likely on Thursday, December 21. Bidders will get the messages, alerts or emails for debit of their funds or revocations of their IPO mandate by Friday or over the weekend. The primary offering of the shadow lender had received a stellar response from the investors.

Motisons Jewellers sold its IPO in the price band of Rs 52-55 apiece with a lot size of 250 shares, which was open for bidding between December 18 to December 20. The company aimed to raise a little more than Rs 151 crore from its primary offering, which entirely included a sales of 2,74,71,000 fresh shares.

The issue was overall subscribed a whopping 159.61 times as the portion for qualified institutional bidders (QIBs) was booked 157.40 times, while the non-institutional investors’ category was subscribed 233.91 times. The quota reserved for retail investors was subscribed 122.28 times during the three-day bidding process.

Grey market premium (GMP) of Motisons Jewellers has dropped sharply from its peak, thanks to the selling pressure in the broader markets. Last heard, the company was commanding a premium of Rs 78-80 per share, suggesting a stellar listing pop of 140-145 per cent for the investors. However, it was around Rs 100-105 before the bidding for the issue commenced.

Motisons Jewellers, established in October 1997, specializes in the sale of gold, diamond, and kundan jewellery, along with a diverse range of other jewellery products. The company offers an extensive product line, including traditional, modern, and combination designs across various jewellery categories. Its flagship store, Motisons Tower, is located in Jaipur, Rajasthan.

Brokerage firms were mostly positive on the issue of Motisons Jewellers and suggested subscribing to it on the back of a strong track record of more than two decades, rising demand among the young generations, retail network expansion and technology integration. However, the company is susceptible to negative publicity and seasonal demand fluctuations.

Holani Consultants serves as the sole book running lead manager for the Motisons Jewellers IPO, with Link Intime India Private acting as the registrar for the issue. The listing of Motisons Jewellers shares on both BSE and NSE is scheduled for December 27, Tuesday.

Investors, who bid for the issue, can check the allotment status on the BSE website’s IPO application check page. Check-in equity, under the issue type and select Motisons Jewellers Limited in the dropbox; type-in the application number and add the PAN card number before checking-in at ‘I am not a Robot’ before hitting the submit button.

Allotment status can also be checked through the online portal of Link Intime India, the registrar to the issue. Visit the web portal of Kfin Tech and select the IPO of Motisons Jewellers in the dropbox. Enter the either PAN Card number, Application Number or DP Client ID as selected tab and hit ‘search’ to get the allotment status for your application.

Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.

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