National News
Deepa Jewellers IPO Subscribed 43x
Bids From Non-Institutional Investors Spearheaded The Rally, Oversubscribing Their Reserved Allotment By Nearly 106 Times.
Massive Demand: Deepa Jewellers’ Rs 460-crore ($55M) public offer closed 43 times oversubscribed on its final day of bidding.
Non-Institutional Lead: Bids from non-institutional investors spearheaded the rally, oversubscribing their reserved allotment by nearly 106 times.
Anchor Backing: The company secured Rs 138 crore from marquee anchor investors, including Motilal Oswal Finvest and WhiteOak CapitalMutual Fund, prior to the mlaunch.
Market Debut: Shares of the B2B gold supplier are set to list on both the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) on September 8.
Gold jewellery supplier Deepa Jewellers saw massive investor appetite for its initial public offering, finishing its final day of book-building nearly 43 times oversubscribed on Thursday.
According to National Stock Exchange (NSE) data, the Rs 460-crore public issue received bids for more than 78.9 crore shares against an available pool of 1.85 crore shares.
The issue carried a price band of Rs 168 to Rs 177 per share, valuing the company at an estimated market capitalization of roughly Rs 1,700 crore at the upper end of the range. The offering comprised a fresh issue of equity shares worth up to Rs 250 crore alongside an offer-for-sale (OFS) of more than 1.18 crore shares.
Ahead of the public rollout, the Telangana-based company raised Rs 138 crore from prominent anchor investors, drawing capital from domestic heavyweights like Motilal Oswal Finvest and WhiteOak Capital Mutual Fund.
National News
MCX Gold and Silver Decline On Rising US Dollar and Higher US Bond Yields
Market Participants Are Now Waiting For The Upcoming US Jobs Report To Get A Clearer Picture Of The Federal Reserve’s Next Move On Interest Rates
Gold and silver prices dropped on Friday morning as investors sold off metals to lock in recent profits. A rising US dollar and higher US bond yields also made precious metals less attractive to buyers. Market participants are now waiting for the upcoming US jobs report to get a clearer picture of the Federal Reserve’s next move on interest rates.
MCX Gold (October Futures): Down 0.47% to Rs 1,55,041 per 10 grams.MCX Silver (December Futures): Down 0.48% to Rs 2,41,189 per kg.
US Gold (December Futures): Down 0.30% to $4,513.76 per troy ounce. The US dollar index rose to 99.02 (up from 98.91), making gold more expensive for buyers holding other currencies. Higher Bond Yields: The US 10-year Treasury yield rose to 4.77% after falling for two straight days, drawing investors toward interest-bearing assets instead of non-yielding gold.
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