The initial public offering (IPO) of gold jewellery maker Shanti Gold International was subscribed 4.54 times on its second day of bidding on Monday (July 28).

According to the BSE data, the IPO received bids for 5,74,49,550 shares, surpassing the 1,26,67,200 shares available for subscription until 4:15 pm.

The retail investor category was oversubscribed by 6.26 times, while non-institutional investors subscribed to 6.49 times their quota.

Meanwhile, the Qualified Institutional Buyers (QIB) portion saw a subscription of 5 per cent.

The company raised over Rs 108 crore from anchor investors.

BRML, registrar details?

Choice Capital Advisors is acting as the sole book-running lead manager for the issue, while Bigshare Services has been appointed as registrar.

The Rs 360 crore IPO, which closes on July 29, is priced in the band of Rs 189-199 per share.

This offering is a pure fresh issue of 1.81 crore equity shares, valued at Rs 360.11 crore at the upper end of the price range.

Proceeds utilisation

Shanti Gold plans to use the IPO proceeds to establish a new manufacturing unit in Jaipur, meet working capital needs, repay debt, and cover general corporate expenses. 

What does Shanti Gold do?

The company is known for its expertise in designing and producing a wide range of gold jewellery.