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Article Name :Renaissance IPO Oversubscribed, More Jewelry IPO’s Expected
Referral :IDEX Online
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The Initial Public Offering (IPO) of Renaissance Jewellery, received a strong response from the market, and has been oversubscribed 23 times when closed on November 21, according to the National Stock Exchange.
Renaissance Jewellery offered 5,324,000 shares. Demand from investors reached 125.8 million shares.
Non institutional investors expressed the greatest oversubscribing 55.9 times the offered shares. The issue was subscribed 23.12 times by qualified institutional investors and 10.5 times by retail investors.
Other jewelry companies are expected to raise money in the capital market shortly. Kolkata based Shree Ganesh Jewellers is expected to file its prospectus with the Securities and Exchange Board of India (SEBI) in December.
Details of the IPO will only be made public after this. The company is reported to have a turnover of close to Rs 10 billion ($252 million), Rs 8.5 billion ($214.38 million) in exports and Rs 1.5 billion ($37.83 million) driven from domestic operations.
Shree Ganesh recently launched its first retail outlet ‘Gaja’ in Kolkata and plans to open ten stores and 50 shop-in-shops across India by 2008.
Two Delhi based jewelry companies, PP Jewellers and Mehrasons Jewellers are reportedly planning to launch IPO’s shortly as well.
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