Overview

• The Rs 400.95 crore book-built offer, entirely fresh shares at Rs 155–165, is open September 10–12 with allotment on September 15 and a tentative September 17 listing on BSE and NSE.
• By late morning on day one, the issue was subscribed roughly 0.5–0.76 times overall, with no QIB bids reported and retail and NII portions under 1 time, according to BSE data.
• Unofficial grey‑market quotes around Rs 24–30 imply a potential 14–18% listing premium, though these indicators are unregulated and subject to change.
• Ahead of opening, the company raised about Rs 120.18 crore from anchor investors at Rs 165, including Kotak Mahindra Life Insurance, Maybank Securities and Societe Generale.
• Proceeds will fund working capital and general corporate needs for the B2B mangalsutra maker, which reported FY25 revenue near Rs 1,430 crore and PAT of about Rs 61 crore, with broker notes flagging valuation near 26x FY25 earnings.