1 week ago
Priority Jewels Sets Rs 190-200 IPO Price Band
Priority Jewels is planning to sell shares to the public for the first time.
This is called an initial public offering, or IPO.
The IPO will open on August 28 and close on September 1.
Investors can bid for shares priced between Rs 190 and Rs 200 each.
The company plans to issue up to 45.75 lakh new shares.
It could raise between Rs 86.93 crore and Rs 91.50 crore.
The money will mainly be used to repay debt and support general business needs.
Priority Jewels makes lightweight jewellery using diamonds, gold and platinum.
At the highest share price, the company could be valued at about Rs 360 crore after the IPO.
Priority Jewels will launch its IPO on August 28, with a price band of Rs 190-200 per share.
The three-day public issue will close on September 1, following anchor-investor bidding on August 27.
The IPO will consist of a fresh issue of up to 45.75 lakh equity shares.
The issue is expected to raise Rs 86.93 crore to Rs 91.50 crore, depending on the final price.
Proceeds will be used for debt repayment and general corporate purposes, with an estimated post-issue valuation of Rs 360 crore at the upper band.
- Who
- Priority Jewels Ltd, a jewellery designer and manufacturer.
- What
- The company is launching an IPO comprising up to 45.75 lakh fresh equity shares.
- Where
- The announcement concerns Priority Jewels Ltd in New Delhi.
- When
- Anchor-investor bidding is scheduled for August 27; the public issue opens August 28 and closes September 1.
- Why
- The IPO proceeds will be used for debt repayment and general corporate purposes.
Key facts
- IPO opening date
- August 28
- IPO closing date
- September 1
- Anchor bidding
- August 27
- Price band
- Rs 190-200 per share
- Issue size
- Up to 45.75 lakh fresh equity shares
- Expected proceeds
- Rs 86.93 crore at the lower band to Rs 91.50 crore at the upper band
- Estimated post-issue market capitalisation
- Around Rs 360 crore at the upper price band
- Use of proceeds
- Debt payment and general corporate purposes
Sources
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