Motisons Jewellers, a Jaipur-based retail jeweller company, has garnered Rs 33 crore in its pre-IPO (initial public offering) funding round.
The company saw participation from individual and institutional investors, including Sunil Kothari & Sons, Manish Parakh, Isha Parakh, Manish Parakh HUF, Rajesh Kumar Kabra, and Jagdamba Coal House, Prabhudas Lilladhar Advisory Services Private Ltd, Readiprint International LLP and Rajan Propcon Private Ltd in the round.
The pre-IPO placement was undertaken after the approval of the board and shareholders in their meetings on September 2 and September 11, respectively.
In March this year, Motisons filed preliminary IPO papers with market regulator Sebi. The issue is entirely a fresh issue of equity shares up to 3.34 crore with no offer-for-sale (OFS) component.
Going by the draft papers, proceeds from the issue will be utilised to the extent of Rs 58 crore for debt payment, Rs 71 crore for funding the working capital requirement of the company and a portion will also be used for general corporate purposes.
Currently, it has a 4-showroom network under the “Motisons” brand, located across Jaipur.
