Lalithaa Jewellery IPO Day 2: Subscribed 3.07x overall
Total bids reached 19,26,08,310 shares for 6,27,61,403 shares on offer by August 18’s close, indicating a significant increase in investor interest across all categories
On the second day of the Lalithaa Jewellery Mart Limited IPO, overall subscription surged to 3.07 times, a dramatic improvement from just 0.69 times at the close of Day 1. This marked a significant increase in investor appetite across all categories, with total bids received at 19,26,08,310 shares compared to 6,27,61,403 shares on offer.
Non-institutional investors spearheaded the rally, subscribing 6.46 times their reserved portion for 8,64,17,422 shares. Within this group, high-value applicants bidding above ₹10 lakh showed the most interest, subscribing 6.66 times their allocation, while those in the ₹2 lakh to ₹10 lakh range subscribed 6.07 times. Retail individual investors also reached a fully subscribed status, with 2.78 times the demand for 8,68,52,172 shares.
Qualified institutional buyers (QIBs) crossed the mark on Day 2 with a subscription of 1.02 times. Foreign institutional investors contributed 1,18,88,396 shares within the QIB category, while the “Others” subcategory contributed 63,62,890 shares, a significant increase from Day 1. The IPO concludes on August 19, and QIB subscription might see further movement on the final day.
SBI Securities maintains a Neutral rating on the issue, citing the company's lack of a gold price hedging policy as a potential margin risk once gold prices stabilize.
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