Vaibhav Jewellers Makes Stock Market Debut
VAIBHAV JEWELLERS MAKES STOCK MARKET DEBUT
4th October 2023
In a highly anticipated market entry, Manoj Vaibhav Gems N Jewellers, popularly known as Vaibhav Jewellers, made a strong debut on the stock exchanges yesterday. The stock, which had an IPO price of Rs 215, opened at par and quickly gained momentum, closing the day at Rs 220.65, reflecting a 2.63% increase on the National Stock Exchange (NSE)
The IPO of Vaibhav Jewellers, which was open for subscription from September 22 to September 26, witnessed a healthy response from investors, with an overall subscription rate of 2.25 times. High net-worth individuals showed significant interest, subscribing 5.18 times the allotted quota, highlighting their confidence in the brand. Retail investors and qualified institutional buyers also participated actively, subscribing 1.06 times and 1.66 times the reserved portion, respectively.
Vaibhav Jewellers, a well-established regional jewellery brand based in South India, specializes in offering a diverse range of jewellery products, including gold, silver, diamonds, and precious gemstones, both through its retail showrooms and online platform. With a strong presence in both rural and urban areas of Andhra Pradesh and Telangana, the company has ambitious plans for expansion.
The funds raised from the IPO will be utilized to establish eight new showrooms, cover capital expenditure and inventory costs, and address general corporate needs. The successful stock debut reflects investor confidence in Vaibhav Jewellers’ growth prospects and its ability to thrive in the competitive jewellery market.