Shoora Designs Limited, a player, in the diamond and jewelry manufacturing industry has recently launched its Initial Public Offering (IPO) from August 17th to 21st. The shares are priced at Rs 48 each with a value of Rs 2.03 crore aiming to raise funds for the companys working capital needs. The strong financial performance of Shoora Designs Limited in year 2023, with revenues reaching Rs 2.10 crore and net profits amounting to Rs 11.45 crore has significantly bolstered investor confidence.
Shoora Designs Limited, a prominent player in the diamond and jewelry manufacturing and trade sector, has kickstarted its public share offering on August 17th, set to conclude on August 21st.
The company plans to present its shares at a price band of Rs 48 each, with a face value of Rs 10 per share. Interested investors have the opportunity to bid for a single lot comprising 3,000 shares.
Market insiders report that the current grey market premium (GMP) for Shoora Designs’ issue is Rs 0. The grey market functions as an unofficial platform for trading IPO shares and holds significance for predicting the listing price.
This initial public offering (IPO) exclusively offers fresh equity shares, totaling up to 4.24 lakh equity shares and aggregating to Rs 2.03 crore. The funds garnered from this public offer are earmarked for financing working capital necessities and other corporate requirements. Of the total offering, 50 percent is reserved for retail investors, while the remaining half is allocated to other investor categories.
In the financial year ending March 2023, Shoora Designs boasts a revenue of Rs 2.10 crore and a net profit of Rs 11.45 crore. The lead manager for the offering is Swaraj Shares and Securities, with KFin Technologies serving as the registrar.
The shares are anticipated to be allotted by August 24th, followed by share credits tentatively scheduled for August 28th. Refunds will be initiated for unsuccessful bidders on August 25th. The company aims to list its shares on the BSE SME platform, with a projected listing date of August 29th.
Established in March 2021, Shoora Designs specializes in the manufacturing of natural diamonds and jewelry, with a strong focus on both natural and lab-grown diamonds and jewelry. Their diverse product range includes white diamonds, pie-cut diamonds, various fancy shape diamonds, black diamonds, diamond rings, earrings, pendants, bracelets, necklaces, and watches adorned with diamonds.
