Shoora Designs, a diamond and jewelry company, is launching its IPO on the BSE SME platform today. The company is offering 4.24 lakh equity shares at a price of Rs 48 per share, raising up to Rs 2.03 crore. Shoora Designs IPO will close on August 21, and the shares are expected to list on August 29.
The company is engaged in the business of manufacturing and trading diamonds and jewellery, focusing mainly on natural lab grown diamonds. The company procures rough diamonds from suppliers and outsources the processes of cleaving, laser cutting, and polishing to local job-workers in Surat. The company also sells its jewellery on both offline and online platforms.
The net proceeds from the IPO will be used for funding working capital requirements and other general corporate purposes. The company reported revenue of Rs 2.10 crore and a net profit of Rs 0.11 crore for the year ending March 2023.
The IPO is a fixed-price issue, and the minimum order quantity is 3,000 shares. The issue is reserved 50% for retail investors and 50% for other investors. Swaraj Shares and Securities is the lead manager for the issue, while KFin Technologies is the registrar.
The gems and jewellery sector is one of the major contributors to India’s GDP and exports. According to a report by the India Brand Equity Foundation, the sector is likely to employ 8.23 million people by 2022, up from 5 million in 2020.
Shoora Designs is one of the few companies in India that deals with natural lab-grown diamonds, which are considered to be more ethical, sustainable, and affordable than mined diamonds. The company claims to have a competitive edge in terms of the quality, design, and pricing of its products.
Shoora Designs IPO Details:
- Issue size: 424,000 equity shares
- Face value: ₹10 per share
- Issue price: ₹48 per share
- Market lot: 3000 shares
- Opening date: August 17, 2023
- Closing date: August 21, 2023
- Listing date: August 29, 2023
Investors who are interested in the Shoora Designs SME IPO can apply through the ASBA facility or through your broker. The cut-off time for UPI mandate confirmation is 5 p.m. on August 21.
For more details about the Shoora IPO, investors can visit Shoora Designs IPO DHRP