Priority Jewels to launch IPO on August 28; price band set at Rs 190-200 per share

Representational Image. File pic.

Priority Jewels Ltd is gearing up to launch its Initial Public Offering (IPO) on August 28, with a price band of Rs 190-200 per share.

The three-day public issue will close on September 1, while bidding by anchor investors will take place on August 27, according to an announcement by the company.

The IPO comprises a fresh issue of up to 45.75 lakh equity shares, aggregating to Rs 86.93 crore at the lower end and Rs 91.50 crore at the upper end of the price band.

At the upper price band, the post-issue implied market capitalisation of the company is estimated at around Rs 360 crore.
Proceeds from the public issue will be used for debt payment and general corporate purposes.

Incorporated in 2007, Priority Jewels is involved in the designing, manufacturing and sale of a variety of lightweight, diamond-studded gold and platinum jewellery.

Qualified institutional buyers (QIBs) have been allocated 50 per cent of the offer, while 15 per cent has been reserved for Non-Institutional Investors (NIIs) and 35 per cent for retail investors.

The shares are proposed to be listed on both BSE and NSE on September 4.

Mefcom Capital Markets is the book-running lead manager to the issue, while MUFG Intime India is the registrar.

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