M K Sons Fine Jewels shares to list tomorrow; check latest GMP, expected listing price

However, the grey market premium is an unofficial indicator of investor sentiment and does not guarantee the actual listing price. It can fluctuate ahead of the stock market debut. Read Also: Former U-19 cricketer, failed IAS aspirant built Rs 100-crore café brand: Story of 'Yummy Bee' founder Sandeep Jangala The Rs 275.4-crore initial public offering (IPO) of M K Sons Fine Jewels received an overall subscription of 5.09 times during its three-day bidding period, which closed on October 30.

The issue received bids for 6,05,95,171 shares against 1.19 crore shares on offer, according to NSE data. Non-institutional investors (NIIs) led the demand, subscribing to their reserved portion 14.12 times. The retail investor category was subscribed 3.08 times, while the qualified institutional buyer (QIB) portion received 1.84 times bids. The IPO opened for subscription on October 28, with the company fixing the price band at Rs 153-162 per share.

At the upper end of the price band, the company was valued at around Rs 912 crore. The Rs 275.4-crore public issue comprised a fresh issue of 1.36 crore equity shares worth Rs 220.32 crore and an offer for sale (OFS) of shares worth Rs 55.08 crore. While the proceeds from the fresh issue will go to the company, the OFS proceeds will be received by the selling shareholder. The minimum lot size for the IPO was 91 shares, requiring a minimum investment of Rs 14,742 at the upper end of the price band.

The company plans to utilise Rs 152.8 crore from the net proceeds to set up a new showroom in Maharashtra and expand an existing showroom in Gujarat. Another Rs 30 crore has been earmarked for debt repayment, while the remaining amount will be used for general corporate purposes. The basis of allotment was scheduled to be finalised on November 2. Refunds for unsuccessful applicants and the credit of allotted shares to demat accounts are scheduled for November 3.

The company's shares will list on both the BSE and NSE on November 4. Aryaman Financial Services is the book-running lead manager to the issue, while Bigshare Services is the registrar. About M K Sons Fine Jewels Mumbai-based M K Sons Fine Jewels is engaged in the retailing of gold, diamond and cubic zirconia (CZ) jewellery through its showrooms. The company currently operates five showrooms, including three in Mumbai and two in Ahmedabad.

Its proposed expansion in Maharashtra and Gujarat is aimed at increasing its retail presence. The company offers jewellery across different categories and designs, catering to customers through its physical retail network.