Initial public offering of Mumbai-based Renaissance Jewellery * (RJL) was subscribed 23.63 times on closing day till 5.30 p.m. It received 125.82 million bids as against issue size of 5.32 million shares. A total of 18.17 million bids were received at the cut off price.
The issue closed today. The price band has been fixed between Rs 125 to Rs 150 a share. The issue of equity shares will constitute 29% of the fully diluted post-issue paid-up equity share capital of the company prior to exercise of detachable warrants and the issue shall constitute 37.99% of the paid-up equity share capital of the company after exercise of detachable warrants, assuming full exercise of detachable warrants.
Edelweiss Capital will help the company to raise maximum of Rs 798.64 million via this equity issue. Shares of the company, offered through this IPO, are proposed to be listed on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).
ICRA assigned `IPO Grade 2` to the proposed initial public offering Renaissance Jewellery (RJL) indicating below average fundamentals.
Promoted by Dhanak Mehta, RJL Incorporated in 1989, is engaged in the business of manufacture and sale of studded gold, platinum and silver jewellery and is primarily focused on international markets including the USA. The company also markets studded jewellery products through its retail stores operated by its subsidiary, Renaissance Retail Venture (RRVPL). It has been in the studded jewellery business for over a decade and operates through three manufacturing units of which two units are located at SEEPZ-SEZ at Mumbai and one 100% EOU at Bhavnagar in Gujarat. Besides, its subsidiary Renaissance Retail Venture has a manufacturing facility at MIDC, Andheri for catering to the domestic retail market
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