Harikanta Overseas IPO Subscribed 1.1 Times, Yaashvi Jewellers Issue Sees 5.4 Times Booking on Final Day

IPO Update: Harikanta Overseas Successfully Raises Funds, Yaashvi Jewellers Sees Overwhelming Response

In a mixed bag of results, Harikanta Overseas, a synthetic textile fabrics manufacturer, successfully raised capital through its initial public offering (IPO), while gold jewellery maker Yaashvi Jewellers received an overwhelming response with its issue being booked 5.4 times on the final day of bidding, May 27.

Harikanta Overseas Raises Rs 43.88 Crore

Harikanta Overseas approached the capital markets to raise Rs 24.3 crore, but saw investors bid for 29.65 lakh shares during May 20-27, which was 1.11 times the offer size of 26.7 lakh shares. The initial public offering was majorly backed by qualified institutional buyers, whose reserved portion was booked 21.33 times, while the parts set aside for non-institutional and retail investors were subscribed 73 percent and 66 percent, respectively.

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The company intends to utilize the proceeds from the IPO for various purposes, including Rs 5.4 crore for factory premises, Rs 9.3 crore for plant and machineries, Rs 4.75 crore for working capital requirement, and the remainder funds for general corporate purposes.

Yaashvi Jewellers Sees Overwhelming Response

Yaashvi Jewellers' initial public offering (IPO) was subscribed 5.4 times during May 25-27 with investors bidding 2.85 crore shares against the offer size of 52.86 lakh shares via 1,973 applications. Retail investors picked 1.75 times their allotted quota in the gold jewellery maker, while the reserved portion of non-retail investors saw 9.6 times subscription.

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Yaashvi Jewellers will spend Rs 21.5 crore of IPO proceeds for working capital requirements, Rs 11 crore for repayment of certain borrowings, and the remaining amount of Rs 6.5 crore for general corporate purposes.

Finalization of IPO Share Allotment and Listing

Both companies will finalize their IPO share allotment by May 29, while their shares will be available for trading on the BSE SME platform on June 2, as per the tentative schedule. Interactive Financial Services is acting as the merchant banker for the Harikanta Overseas IPO, while Yaashvi Jewellers IPO is managed by the book running lead manager Smart Horizon Capital Advisors.