Shankesh Jewellers Raises Rs 110 Cr From Anchor Investors Ahead of IPO

New Delhi: Shankesh Jewellers, a Mumbai-based jewellery wholesaler, on Monday raised Rs 110.15 crore from anchor investors ahead of its initial public offering (IPO).

The company allocated over 1.18 crore equity shares to 14 anchor investors at an anchor price of Rs 93 per share, the upper end of the IPO price band, according to a circular uploaded on the BSE website.

The anchor allocation included investors such as Tiger Strategies Fund-I, Necta Bloom VCC, Venus Investment VCC, Zeal Global Opportunities Fund, ASAS Global Fund and Uni Growth Fund. There was no allocation to domestic mutual funds, life insurance companies or pension funds in the anchor portion, the circular showed.

The Rs 367-crore IPO will open on August 18 and conclude on August 20. The price band for the IPO has been fixed at Rs 88-93 per equity share, valuing the company at Rs 1,367 crore at the upper limit.

The IPO comprises a fresh issue of up to 2.95 crore equity shares and an offer- for-sale (OFS) of up to 1 crore equity shares. At the upper price band, the issue size will be around Rs 367 crore, while at the lower band it will be around Rs 347 crore.

Proceeds from the fresh issue will be used for repayment or pre-payment of borrowings, funding working capital requirements and general corporate purposes.

Shares of Shankesh Jewellers are proposed to be listed on both the BSE and NSE on August 25.

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