PC Jeweller's Rs 609-cr IPO subscribed over 6.7 times

PC Jeweller's Rs 609-cr IPO subscribed over 6.7 times Mumbai: The Rs 609-crore initial public offer (IPO) of PC Jeweller was oversubscribed on the last day of the issue Wednesday, getting a total subscription worth over Rs 3,258 crore.

The IPO attracted bids for over 26 crore shares against 4.51 crore shares on offer, translating to 6.79 times subscription, data available with the stock exchanges showed till 1700 hrs.

The Qualified Institutional Buyers (QIBs) portion was subscribed 5.24 times, while non institutional investors received 2.97 times subscription.

Shares reserved for retail investors got 62 percent subscription, the data showed.

While 1.56 crore shares each are reserved for QIBs and retail, around 67.16 lakh shares are reserved for non-institutional investors.

The company has fixed the price band of IPO at Rs 125-135 per share, having a face value of Rs 10 each. The public issue had started on Monday.

At the upper band, PC Jeweller would raise a little over Rs 609 crore through IPO, while at lower band, the company would mop up Rs 564 crore.

The company has 30 showrooms across the country and it has plans to open 20 new retail showrooms by utilising funds raised through IPO.

The Delhi-based jeweller had posted a turnover of about Rs 3,000 crore in 2011-12 fiscal.

The shares are proposed to be listed on the National Stock Exchange (NSE) and the BSE.

The book running lead managers to the IPO are SBI Capital Markets and Kotak Mahindra Capital Company and the co-book running lead manager is IDBI Capital Market Services.

PTI