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Deepa Jewellers IPO opens Sept. 1 with price band at ₹168-177
The issue targets ₹459.72 crore, with the grey market suggesting a potential 26% premium versus the upper ₹177 price.
Deepa Jewellers’ initial public offering is set to open on September 1 and run through September 3, aiming to raise ₹459.72 crore through a mix of fresh issuance and an offer for sale, LiveMint Markets reported. The IPO is structured as a fresh issue of 1.41 crore shares aggregating to ₹250 crore, alongside an OFS of 1.18 crore shares aggregating to ₹209.72 crore.
The company has fixed the price band at ₹168 to ₹177 per equity share, with a lot size of 84 shares, implying a minimum retail investment of ₹14,868. Reservations are slated at up to 50% for qualified institutional buyers, at least 15% for non-institutional investors, and at least 35% for retail investors, according to the report.
Proceeds from the fresh issue are proposed to be used for long term working capital needs, including procurement, maintenance and expansion of inventory, as well as for general corporate purposes. The fresh issue proceeds are also described as supporting debt repayment and general corporate purposes.
Market sources cited by LiveMint Markets said the grey market premium stood at ₹46 on Monday, implying the stock could list at a premium of around 26% over the upper end of the price band at ₹177. The IPO allotment is expected to be finalized on September 4, with listing planned on the NSE and BSE on September 8.