PC Jeweller Ltd has launched its initial public offering worth about Rs 609 crore at a price band of Rs 125-135 a share. The IPO will open on December 10, and will close on December 12, for all bidders.
The company is offering a discount of Rs 5 to retail individuals
The company proposes to utilise the IPO funds for its expansion plans and towards working capital requirements.
The issue comprises of a Net Issue of 44,775,000 Equity Shares (THE “NET ISSUE”) by the company and a reservation of 358,500 Equity Shares for subscription by the eligible employees (THE “EMPLOYEE RESERVATION PORTION”). The Issue shall constitute 25.20% of the Post Issue Paid-Up Equity Share Capital and the Net Issue shall constitute 25.00% of the Post Issue Paid-Up Equity Capital of the company.
The company, in consultation with the Book Running Lead Managers and co-Book running Lead manager, has fixed the Price Band between ` 125 and ` 135 per Equity Share for the IPO. The minimum bid lot has been fixed at 90 Equity Shares and in multiples of 90 Equity Shares thereafter. Discount of ` 5 to the Issue Price is being offered to Retail Individual bidders (the “Retail Discount”) and Eligible Employees bidding in the Employee Reservation portion (the “Employee Discount”).
The Issue has been graded by Credit Analysis and Research Limited as “CARE IPO Grade 3”, indicating average fundamentals and by CRISIL Limited as “CRISIL IPO Grade 3” indicating average fundamentals. The IPO grade is assigned on a five-point scale from 1 to 5, with IPO grade 5/5 indicating strong fundamentals and IPO grade 1/5 indicating poor fundamentals.
50% of the Net Issue will be allocated on a proportionate basis to Qualified Institutional Buyers (“QIBs”) (the “QIB Portion”). The Company may allocate up to 30% of the QIB Portion to Anchor Investors, on a discretionary basis (the “Anchor Investor Portion”), out of which at least one-third shall be reserved for domestic Mutual Funds, subject to valid Bids being received from domestic Mutual Funds at or above the Anchor Investor Issue Price. The Anchor Investor Bidding Date shall be one Working Day prior to the Bid/Issue Opening Date.
Further, 5% of the QIB Portion (excluding the Anchor Investor Portion) shall be available for allocation on a proportionate basis to Mutual Funds only. The remainder shall be available for allocation on a proportionate basis to QIBs, including Mutual Funds, subject to valid Bids being received from them at or above the Issue Price.
Further, not less than 15% of the Net Issue will be available for allocation on a proportionate basis to Non Institutional Bidders and not less than 35% of the Net Issue will be available for allocation to Retail Individual Bidders in accordance with the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009, as amended, subject to valid Bids being received from them at or above the Issue Price. All Investors other than Anchor Investors may participate in this Issue through the ASBA process by providing the details of the relevant ASBA Accounts. Anchor Investors, however, are not permitted to participate in the Issue through ASBA Process.
The Book Running Lead Managers (“BRLMs”) to the Issue are SBI Capital Markets Limited and Kotak Mahindra Capital Company Limited. The Co-Book Running Lead Manager (“Co-BRLM”) to the Issue is IDBI Capital Market Services Limited.
The Equity Shares offered through the Issue are proposed to be listed on the National Stock Exchange of India Limited and the BSE Limited. BSE Limited is the Designated Stock Exchange for the Issue.
Disclaimer:
PC Jeweller Limited (the "Company") is proposing, subject to receipt of requisite approvals, market conditions and other considerations, an initial public offering of its equity shares and has filed a Red Herring Prospectus with the Registrar of Companies, NCT of Delhi and Haryana. The Red Herring Prospectus is available on the website of the SEBI at www.sebi.gov.in and the websites of SBI Capital Markets Limited and Kotak Mahindra Capital Company Limited, the Book Running Lead Managers, at www.sbicaps.com and www.investmentbank.kotak.com, respectively, and IDBI Capital Market Services Limited, the Co-Book Running Lead Manager, atwww.idbicapital.com.
Investors should note that investment in Equity Shares involve a high degree of risk. For details, potential investors should refer to the Red Herring Prospectus filed with the Registrar of Companies including the section titled "Risk Factors".
This announcement has been prepared for publication in India and may not be published or distributed in the United States, Australia, Canada or Japan. This announcement is not an offer for sale or solicitation of an offer to buy securities in any jurisdiction, including the United States. The securities of the Company have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws in the United States and may not be offered or sold in the United States absent registration under the U.S. Securities Act or an exemption from registration under the U.S. Securities Act. There will be no public offering of securities in the United States.
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